Key benchmark equity indices tumbled on Monday led by the profit booking from investors in metal, realty and oil & gas stocks. The BSE Sensex settled below the psychological mark of 17,000 while the S&P CNX Nifty shut shop below the crucial level of 5100. After starting the day on cautious note, tracking global cues, markets lingered in a flat territory during most part of the day but weakness in the major European markets raised apprehensions back home and marketmen opted to take some profit off the table. India's largest private sector company, Reliance Industries (RIL) shed over 3% in trade as the bonus shares of the company started trading on the bourses from today. Fall in metal prices on the London Metal Exchange (LME) on Friday triggered heavy sell-off in metal majors like Sterlite Industries, Tata Steel and Hindalco Industries. Bharti Airtel emerged as the biggest gainer on the BSE Sensex as investors sensed good investment opportunity in the counter after recent fall. Finally, the BSE Sensex tumbled 118.40 points or 0.69% to end at 16,983.14, while the S&P CNX Nifty plunged 42.2 points or 0.83% to settle at 5066.70. The market breadth on the BSE was in favour of declines; the losers thrashed the gainers in a ratio of 1461:1317 while 84 shares remained unchanged in trade. The 30-share BSE Sensex touched a high and a low of 17,176.62 and 16,943.01, respectively. The major gainers on the Sensex were Bharti Airtel up 2.11%, HDFC up 1.23%, L&T up 1.20%, HDFC Bank up 0.74% and Hero Honda up 0.46%. The major losers on the Sensex were Sterlite Industries down 4.21%, Tata Steel down 3.38%, Hindalco Industries down 3.22%, RIL down 3.07% and DLF down 2.88%. The BSE Mid-cap and Small-cap indices declined 0.79% and 0.41%, respectively. India's gross domestic product (GDP) growth in the next financial year is likely to be 8.2%, on the back of acceleration in domestic demand, especially the infrastructure-led demand, said Goldman Sachs in a recent report. Most research houses and even the government agencies are looking to raise the growth forecasts for both current and next financial years in wake of upside surprise that Indian economy put up in the September quarter GDP numbers. The investment banking major said that India's growth potential was rising due to reforms in infrastructure, fiscal and financial spaces. The bank has also raised the FY10 GDP growth forecast to 6.6% from 5.8% in wake of high growth in the second quarter this fiscal. In the BSE sectoral space Capital Goods (CG) up 0.69%, TECk up 0.34% and Information Technology (IT) up 0.24% were the main gainers. SKF India (up 6.63%) from CG, NDTV (up 5.91%) from TECk and HCL Tech (up 1.79%) from IT were the main gainers on the respective indices. On the other hand, Metal down 3.29%, Realty down 2.44%, Oil & Gas down 1.97%, Healthcare (HC) down 1.18% and Auto down 0.83% were the main losers in the BSE sectoral space. The Department of Telecommunications (DoT) has decided to challenge the high court judgement that called its decision of advancing the cut-off date for providing 2G licenses to new telecom operators as arbitrarily, and asked it to take the cases of all companies which approached the government within originally declared deadline. The DoT has filed a Special Leave Petition (SLP) with the apex court contending that all decision with regard to grant of 2G licenses to the new telecom operators were based on established rules of the government and that the telecom regulator's opinion was sought in all respects too. The 50-share S&P CNX Nifty touched a high and a low of 5131.30 and 5051.55, respectively. The top gainers on the Nifty were Suzlon Energy up 4.16%, Bharti Airtel up 1.90%, HCL Tech up 1.50%, HDFC up 1.19% and GAIL up 1.15%. The top losers on the Nifty were Sterlite Industries down 4.40%, SAIL down 3.89%, Tata Steel down 3.53%, RPower down 3.53% and DLF down 3.42%. The government has said that it would not use the proceeds of disinvestment in public sector units (PSUs) for financing current expenditure. The government has lined up an ambitious stake sale policy which aims at listing all profit making PSUs, which means a minimum disinvestment of 10% in all such units. However, in contrast to what was being expected by many quarters, the government has said that stake sale proceeds would not be used to fund the fiscal deficit, or the gap between revenue and expenses of the government. Policy makers have been urging government that the funds from disinvestment should be utilized for infrastructure development in social sector rather than for current consumption. European markets were trading in the negative terrain. France's CAC 40 declined 0.40%, Germany's DAX dropped 0.62% and Britain's FTSE 100 shed 0.62%. The Planning Commission, India's top economic strategy maker, is understood to be eyeing a target of adding 1 lakh MW of power generation capacity over the 12th Five Year Plan (FYP) period (2013-2018). The Commission in a presentation given to Prime Minister Manmohan Singh has urged that the concerned ministries should be asked to come up with a policy note on the issue. India's power sector has failed to match the growth posted by broader economy, which has resulted in continuous increase in the gap between supply and demand of energy. The Commission suggested that in order to achieve the said target, private capital will have to play much bigger role. It has therefore suggested that keeping in mind the long gestation gap in the power sector, greater fiscal incentives should be provided to the private sector. Asian markets ended mixed on Monday as the strong employment data from the US could not improve investors' sentiments. Japanese exporters reported good gains in trade on the back of biggest weekly fall in the yen in last ten years. Shanghai Composite added 14.85 points or 0.45% to 3,331.90, Nikkei 225 surged 145.01 points or 1.45% to 10,167.60, Straits Times gained 5.97 points or 0.21% to 2,796.98, Seoul Composite advanced 7.89 points or 0.49% to 1,632.65 and Taiwan Weighted zoomed 124.73 points or 1.63% to 7,775.64. On the other hand, Hang Seng plummeted 173.19 points or 0.77% to 22,324.96, KLSE Composite shed 4.84 points or 0.38% to 1,265.36, Jakarta Composite dipped 27.79 points or 1.11% to 2,483.76 and NZX 50 declined 7.88 points or 0.25% to 3,138.58. | 
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