6:00 PM Mumbai, 8:30 AM New York – Sesa Goa fell after earnings but indicated three-fold iron ore production increase to meet China demand. Banks declined after the Reserve Bank of India ruling may force higher competition among lenders and lower rates to borrowers. State Bank of India raised $750 million through the sale of 5-year bonds.

The Sensex Index decreased 213.84 or 1.2% to 17,009.17 and CNX Nifty index fell 50.85 or 0.9% to 5,063.60. Among the Sensex 30 stocks, 24 declined and 6 rose.

On the BSE trading, 1,173 stocks advanced, 1,555 declined and 95 were unchanged.

Japanese car maker Nissan today said it will consider launching electric vehicles in the Indian market within the next few years as part of its global plan to roll out cleaner and alternative fuel technology.

Rupee edged lower 33 paisa to 46.34 against the dollar.

State Bank of India decreased 3.4% to 2,386.10, HDFC Bank decreased 1.8% to 1,661.10 and ICICI Bank Ltd dropped 1.6% to Rs 929.10.

State Bank of India raised $750 million through the benchmark bond sales to foreign investors that yielded 4.5% due October 2014. The five-year bonds were priced to yield 226.4 higher than the U.S. Treasury bonds.

Gainers & Losers

Ajanta Pharma Limited surged 10% to Rs 101.85 after the company said its board will meet on October 29 to consider shares buyback.

Alfa Laval (India) Limited fell 1.4% to Rs 1,225.00 and the company said it received 65 crore rupee order from PetroVietnam Group with a delivery by 2010 and scheduled commissioning by 2011.

Axis Bank Limited fell 1.8% to Rs 976.35 said second quarter net profit surged 32% to Rs 531.64 crore.

Bank of India dropped 2.8% to Rs 441.60 after the Reserve Bank of India, barred further buying in the state-run bank''s shares by the foreign institutional investors without its prior permission.

Banco Products (India) Limited the business of manufacturing gaskets and radiators declined 8.5% to Rs 69.25.

Bharat Seats Limited added 4.6% to Rs 20.37 after the manufacturer of car seats, carpets for automobiles and motorcycle seats said second quarter sales rose 64% to Rs 84 crore from Rs 51.2 crore a year ago. Net profit for the quarter rose 1,936% to Rs 1.34 crore compared to net profit of Rs 6.5 lacs a year ago.

Chambal Fertilisers and Chemicals Limited fell 2.6% to Rs 54.75 after the manufacturer of fertilizers said second quarter sales fell 44% to Rs 963.83 crore from Rs 1,734.44 crore a year ago. Net profit for the quarter rose 35% to Rs 64.6 crore compared to net profit of Rs 47.56 crore a year ago.

Gati Limited added 5.4% to Rs 63.15 after the express distribution and supply chain solutions said second quarter revenues rose 8.3% to Rs 171.46 crore from Rs 158.32 crore a year ago. Net profit for the quarter was Rs 2.27 crore compared to net profit of Rs 42 lacs a year ago.

HCL Technologies Limited increased 4.7% to Rs 325.00 and the company with Microsoft plan to sell retail banking solution to banks in the Asia-Pacific region.

HDFC Bank Limited fell 1.6% to Rs 1,659.50.

Hero Honda Motors Limited fell 0.3% to Rs 1,656.00 ahead of fiscal second quarter earnings release.

Hindustan Construction Company Limited slipped 2.1% to Rs 135.20 and the company was selected to for an engineering contract of 167 crore from Gujarat Water Infrastructure Limited for water supply distribution.

Hindustan Copper surged 10% to Rs 255.50 after media reports suggested that the government is likely to sell a stake in the company to investors.