New York  - US stocks closed lower Monday, trimming some of last week's gains ahead of a batch of quarterly earnings reports for US companies.

Alcoa Inc, which will start the quarterly round of earnings reports Tuesday night, fell 3.4 per cent. The stock decline ended five straight days of gains amid some small signs that the US economy may be on the road to recovery.

Banking shares slid after a prominent Wall Street analyst warned of more massive losses despite the government's efforts to stabilize the financial sector.

Carrying forth its gains into the fifth week, the Bombay Stock Exchange's Sensex was up 186 points on Monday, and closed at 10,534, while the Nifty was up by 45 points to close at 3,256. With the Indian markets consolidating, the index traded between 10,654 and 10,411.

The figures marked the highest level of the benchmark index since 10 November, 2008; thanks to the rising sanguinity about the global economy, and metals and capital goods, and auto stocks showing robust gains.

Hong Kong  - Hong Kong shares climbed more than 3 per cent to a three-month high Monday, pushed up by rising confidence in the US recovery prospects and a strong rebound by banking giant HSBC.

The blue-chip Hang Seng Index rose by 453.35 points or 3.11 per cent to 14,998.04, after rising above the 15,000 points mark earlier in the day. Turnover was 62.1 billion Hong Kong dollars (8 billion US dollars.)

Stock analyst Ashwani Gujral said that the stock markets have the potential to climb as higher prices draw more buyers.

Mr. Gujral also said that it is time to make entry in the stock market rather than being watchful.

Gujral said that as long as the Nifty is able to 3100–3150, the concluding objective could be seen around the 3700 mark.

Indian stock markets are beginning to look more bullish in proportion to the majority of the worldwide indices.

After a hefty fall on March 30, stock markets re-started the upward journey once again as foreign funds were seen purchasing with renewed energy. The build up in F&O segment also hints bullishness will persist in the coming time.