Total turnover on the BSE stood at 9,524 crore rupees and on the NSE was 20,427 crore rupees.

In the broader markets Nifty registered its biggest one-day loss of 4.5% or 270. The 50-share index touched a low of 5,740 levels before closing at 5,777.

Of the NSE-50 stocks, Idea Cellular, Sterlite Industries, SAIL, Nalco, Suzlon and Reliance Petroleum were some of the leading decliners with each losing more than 6%.

Asian markets were subdued on Monday with most of the indices losing over 1.4%. India led the decliners in the region with a loss of 3.8% followed by more than 3% losses in Australia, Singapore, in Taiwan, and Hong Kong.

The India-Sri Lanka: Trade and Investments conference seeking to enhance trade between the two countries opened in India on Monday. The conference which was organised by Observer Research Foundation in conjunction with Confederation of Indian Industries and the Sri Lankan deputy high commission, will also focus on industrial and investment climate and trade related issues.

India and Sri Lanka signed a Free Trade Agreement nine years ago which saw the bilateral trade doubling from $557 million in 1999 to $2.7 billion in 2007.

Of the BSE shares, Reliance Industries declined 3.86% to 2,777.5 rupees, Tata Steel shed 6.2% to 823.85 rupees, Sterlite Industries slid 8.5% to 976.15 rupees on news that the company plans to enter the equipment manufacturing business to profit from the boom in the domestic steel sector.

National Aluminum Company was down 6.9% to 418.50 rupees and Hindalco Industries retreated 5.7% to 200.70 rupees.

Reliance Communications fell 5.6% to 717.80 rupees. The company announced on Monday that it has completed the acquisition of U.S.-based Yipes Holdings that would give the company access to global enterprise data market.

Bharat Heavy Electricals declined 5.3% to 2,425.25 rupees. Bhel announced during the trading hours that it has signed a joint venture agreement with NTPC for establishment of engineering company.

Larsen and Toubro shed 2.2% to 4,082.1 rupees and Suzlon Energy retreated 6.7% 1,828.1 rupees. Tata Motors declined 5.8% to 701.25 rupees on news reports that Ford Motor Company is poised to name the company as preferred bidder for its Jaguar and Land Rover division sale.

ICICI Bank fell 3.3% to 1,167.1 rupees, HDFC Bank retreated 2.9% to 1,678.3 rupees, State Bank of India lost 4% to 2,314.5 rupees on news reports that the bank is planning to buy a bank in Indonesia.

Reliance Energy lost 4.2% to 1,828.95 rupees, NTPC was down 7.3% to 228.6 rupees, Tata Power Company shed 0.4% to 1,295.9 rupees while Power Grid slid 5.6% to 137.55 rupees.

Peninsula Land lost 8.5% to 135.05 rupees, DLF retreated 7.5% to 944.25 rupees, Indiabulls Real Estate shed 8.3% to 679.25 rupees and Unitech traded weaker at 2.7% to 465.35 rupees.

Hindustan Unilever was up 0.8% to 218.6 rupees, HDFC shed 5.9% to 2,877.55 rupees and ONGC was down 5.8% to 1,166.45 rupees.

In Tokyo Nikkei 225 Index added 264.72 or 1.71% to close at 15,249.79, in Hong Kong Hang Seng index closed down 967.06 or 3.51% to 26,596.58, in Australia ASX 200 closed higher by 228.20 or 3.52% to close 6,263.50.

In South Korea Kospi Index decreased 55.23 or 2.91% to close at 1,839.82, Thailand closed down 15.67 or 2.55% to 598.41, and Indonesia edged lower 75.14 or 2.74% to 2,664.92. India lost 769.48 or 3.84% to 19,261.35.


[R]6:00AM New York, 7:00PM Tokyo – Stocks in Japan fell after the U.S. led bailout plan requested $5 billion from the three largest banks.[/R]

Stocks in Japan declined on the worries that rising inflation in the U.S. and Europe may hurt exports. Local newspaper report also suggested that three Japanese banks are asked to contribute $5 billion each in the U.S. led sub-prime bailout fund.