Among the early losers were Ambuja Cements, Power Grid Corporation, Siemens and Mahindra and Mahindra. Among the early gainers were Maruti Suzuki, Dr Reddy's Laboratories and Tata Steel.

The markets were rangebound on Monday and are eagerly awaiting the Monetary Policy Review, scheduled for 11.00 am by the RBI. Markets are expecting the RBI to cut repo rates by 25 basis points to spur growth. However, the Central bank has made it clear that inflation in the economy still remains sticky.

Globally, markets in Asia were largely trading lower, with the Hang Sang, Kospi and Straits all in the red. Fears of rising Spanish bond yields have weighed on the markets globally. The Europe situation is would be eagerly watched by the markets going forward.

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