The Nifty on the other hand was trading higher by 11 points. Larsen and Toubro rose as much as 3.5%, after its results impressed the markets. Metal stocks were also among the early gainers in trade with notable gainers being Hindalco, Tata Steel and Sesa Sterlite.

Software stocks on the other hand were trading weak with notable losers being Infosys, TCS and HCL Tech.

HDFC was trading marginally weak ahead of its Q2 numbers to be declared later today. Banking stocks which witnessed a spectacular rally on Friday were trading steady.

Early gainers from the space were Yes Bank, Union Bank and Punjab National Bank. On the other hand HDFC Bank lost ground in early trade.

Karnataka Bank was trading 1% higher ahead of its results. Mid cap stocks were also trending higher in line with the broad markets. Voltas, Viaya Bank and JSW Steel were among the early gainers.

Ultratech Cement was among the early losers as the company's results disappointed the markets. The stock was down almost 2% in trade.

Dhanlakshmi Bank rallied on reports of NRI picking a 5% stake in the company.

Meanwhile, markets in Asia were trading higher led by gains in the Hong Kong's Hang Sang and the Jakarta Composite.

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