Benchmark indices opened the day lower ahead of the results season which kick-off today with heavyweight TCS reporting numbers later this evening.
The Sensex was trading with losses of 15 points, while the Nifty was down 10 points in trade.
Leading the set of gainers from the Nifty and the Sensex were banking stocks led by Bharti Airtel and Tata Motors.
Oil exploration company, Cairn India gained ground after a sharp rally in oil prices. ONGC was also trading higher. Indusind which was slated to declare results later today was up one per cent.
PSU banks like State Bank of India and Punjab National Bank continued to find buyers at lower levels.
MindTree was trading higher ahead of results due later today. The HDFC twins continued to see selling pressure with HDFC bank and HDFC both declining in trade.
Future Retail was trading higher after reports that the company was tying-up with Bharti Airtel for its retail venture.
Gammon India surged a huge 11 per cent after the company bagged orders worth Rs 784 crores. Eicher Motors was up after RBI allowed increased investment by FIIs into the company.
Meanwhile, markets in Asia were trading higher with the Taiwan Weighted and the Shanghai Composite being outperformers.