Wall Street gave up a moderate gain in late trading and closed marginally lower Monday after the Federal Reserve and other central banks added more cash to their banking systems, helping investors set aside some concerns about credit tightness.

The New York Fed, which carries out the central bank's market operation, minutes after the opening bell announced billion in overnight repurchase agreements.
The Fed's "Repo" follows a move by the Bank of Japan to put billion into the markets and an addition by the European Central Bank of .3 billion; the ECB added more than 0 billion last week. The moves, following similar injections by the Fed last week, appeared to placate Wall Street for now and allowed it to focus on a week of fresh economic data. Since Thursday, the Fed has added billion in liquidity.

Monday's injection, however, was smaller than normal, perhaps reassuring some investors that the central bank doesn't yet feel the need to pump more liquidity into the market. The last time the Fed repurchased as little as billion in one day was on Wednesday, April 18. It made a one-day Repo of .5 billion on May 10, but that was preceded by a separate one-day Repo of .0 billion earlier that same day.

The Dow Jones industrial average fell 3.01, or 0.02 percent, to 13,236.53. Broader stock indicators also fell. The Standard & Poor's 500 index fell 0.72, or 0.05 percent, to 1,452.92, and the NASDAQ composite index retreated 2.65, or 0.10 percent, to 2,542.24. After enduring sharp swings to the downside last week, the Dow and other major indexes ultimately finished the week with a modest gain. Last week's trading showed that the most predictable thing about the markets lately is high volatility.

Overseas Monday, Japan's Nikkei stock average gained 0.21 percent. European stocks showed sharp gains after a sell-off Friday. Britain's FTSE 100 jumped 2.99 percent, Germany's DAX index added 1.78 percent, and France's CAC-40 rose 2.21 percent.
The dollar was mixed against other major world currencies. Gold futures fluctuated, while oil futures rose. Light, sweet crude rose 13 cents to .60 per barrel on the New York Mercantile Exchange.

Advancing issues was about even with decliners on the New York Stock Exchange, where consolidated volume came to 3.54 billion shares, compared to 5.11 billion on Friday. The Russell 2000 index of smaller companies slipped 8.97, or 1.59 percent, to 779.81.


Indian ADRs in demand, Sterlite, Tata Motors and Wipro were the major gainers

Indian ADR's were in demand, Sterlite, Tata Motors and Wipro were the major gainers, while VSNL and Patni computers loose a bit.

In the technology pack, Patni Computers was down 1.95% at 20.58, Infosys Technologies was up by 1.02% at 49.50, Satyam Computers was up 2.08% at 27, Wipro was up 2.92% at 14.11.

In the non-tech pack, ICICI Bank was up 1.44 % at 43, HDFC Bank was up 0.98 % at 84.72, MTNL was down 1.01 % at 6.87, VSNL was down 2.02% at 20.41, Dr Reddy's Lab was up 0.32% at 15.84, Sterlite Industries was up 2.03% at 15.56 and Tata Motors also remained up 2.39 % at 17.16.