10:00AM New York, 7:30PM Mumbai - Sensex fell 0.4% after rising for three days in a row.

Market Sentiment

Indian markets opened the week flat on Monday after rising for three days in a row, benchmark index declined 0.4% or 67.2 to 18,048.05. In the broader market, Nifty was down 0.5% or 26 at 5,276.90.

The market failed to sustain higher level after Reliance Power''s surprise announcement on Sunday the company would consider bonus issue. In the afternoon session, the market was however down sharply but managed to cut losses tracking firm European markets.

Of the BSE-30 share index, 19 stocks declined while the rest retreated. Among the BSE shares, 1,850 shares advanced, 878 declined and 46 shares were unchanged.

Buying was evident in banking and metal shares while selling was visible in real estate, technology and oil and gas stocks.

Of the stocks in the CNX Nifty Index, Nalco, Cairn India, Tata Power and Siemens India advanced over 2.3% each. The BSE real estate index lost 2.8% and led other sector declines. Phoenix, Mahindra Lifespace, Unitech and Ansal API were the other leading decliners in the realty index.

IT stocks fell with NIIT, Tech Moser Baer, Mphasis and Rolta India down 3.2% each.

Mahindra & Mahindra was the biggest gainer among the BSE-30 shares ITC, Hindalco, Hindustan Unilever and ICICI Bank were the other gainers increasing over 1.4% each.

Turnover

Daily turnover on the BSE amounted to 4,857 crore rupees while daily revenue on the National Stock Exchange stood at 10,920 crore rupees.

Reliance Power was the most active stock on the BSE with a turnover of 472 rupees. Reliance Natural Resources, Essar Oil, Reliance Capital, and Reliance Petroleum were among active stocks.

Gainers and Decliners

Tata Motors slipped 2.6% to 732.10 rupees and led the decliners in the Sensex index. Mahindra & Mahindra advanced 3.5% to 640 rupees and led the gainers from Sensex index.

Mahindra & Mahindra today said that Mahindra Defence Systems, a group company, is in talks with WASS for underwater defense joint venture. Mahindra Defence Systems makes high mobility and light bullet proof vehicles to the armed forces, paramilitary and police forces.

Bharat Heavy Electricals dropped 1.8% to 2,222 rupees despite reports the company has bagged an order worth 650 crore rupees from General Electricity Company, Libya for setting up a 300 megawatt gas turbine based power plant.

Larsen & Toubro slipped 0.9% to 3,505 rupees after it confirmed an order of 1,250 crore rupees from Oil & Natural Gas Corporation.

State Bank of India slid 2.1% to 2,250 rupees and DLF was down 2.38% to 858 rupees.

Bajaj Auto gained 1.2% to 2,200 after the Madras High Court on Saturday restrained TVS Motor Company from manufacturing and selling 125 cc ''Flame'' motorcycle using the technology or invention described in the patent granted to Bajaj Auto. TVS Motor Company was down 2.8% to 38.85 rupees.

ICICI Bank rose 1.7% to 1,211 rupees, Hindustan Unilever was up 2.3% to 216.1 rupees, and Hindalco Industries gained 3.1% to 184 rupees.