Indian shares end lower after four-month rally

Indian shares eased on Monday, as traders locked into profits in technology, cement and automobile stocks after a recent rally, while high crude oil prices kept the mood in the currency market subdued.
Bonds recovered most of their losses after the government announced a lower-than-expected borrowing plan for the second half of the financial year to March 2005.
The 30-issue Mumbai share index closed down 0.28 percent at 5,545.82 points, moving away from the previous session's four-month closing high. It rose 3.6 percent last week.
"The market is consolidating nicely after recent gains," said Aditya Palwankar, a portfolio manager with J.M. Capital Management. "There is good money inflow from local and overseas investors and that should help the market to maintain its uptrend after some consolidation," Palwankar said.
Foreign funds bought a net $103.8 million of Indian shares on Friday alone, adding to $181.8 million worth of stocks purchased in six straight days to Thursday, lured by expectations of strong growth in quarterly profits.
Technology issues, which were at the forefront of the recent uptrend, fell prey to profit-taking with sentiment for the export-driven sector also spooked by rupee's recent rise against the dollar.
Infosys Technologies Ltd, the nation's second-biggest software services exporter, shed 1.9 percent to 1,657.55 rupees and Wipro Ltd, the third-biggest exporter, dropped 2 percent to 580.70 rupees.
Traders also cashed in on the recent rally in cement and automobile stocks and shifted money to metal stocks, on expectations of strong growth in quarterly profits.
Shares in India's biggest cement group Grasim Industries Ltd fell 2.1 percent to 1,169.60 rupees while Tata Iron and Steel Company Ltd rose 1.8 percent to 284.50 rupees and Hindalco Industries Ltd, the top aluminium maker, climbed 1.3 percent to 1,250.30 rupees.
The benchmark 10-year bond yield inched up to 6.1328 percent from the previous close of 6.1266 percent, but off an intra-day high of 6.1794 percent after the government said it will borrow 440 billion rupees in the second half of the fiscal year.
The government said on Monday it will borrow 440 billion rupees ($9.6 billion) from the local debt market in the October to February period, which is lower than market expectations of 450-550 billion rupees.