Reuters Market Eye - The BSE Sensex falls 0.8 percent, while the 50-share Nifty declines 0.9 percent. Losses in RIL, L&T and ICICI weigh.
Asian stocks edge lower and other riskier assets such as commodities fall as investors remained cautious about the outlook for the global economy and corporate earnings despite better-than-expected U.S. jobs numbers at the end of last week.
Reliance Industries falls over 3 percent after Morgan Stanley cuts its rating to 'underweight' from 'equal-weight', citing expectations for weaker refining margins and valuation concerns among other factors.
Housing finance companies gain after India's markets regulator on Saturday allowed debt-oriented mutual funds to invest up to 10 percent of their net assets in housing finance companies.
LIC Housing Finance LICH.NS gains 0.22 percent, Housing development and Finance Corp is up 0.5 percent.
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The government has turned down the military's request to expand the acquisition of 36 fighter planes from Dassault Aviation SA to plug vital gaps, officials said, nudging it to accept an indigenous combat plane 32 years in the making. Full Article