Benchmark indices opened the day on a positive note, but, quickly fell into the red. The Sensex was trading with losses of 14 points, while the Nifty fell 7 points in trade after closing at a 3 month high on Friday.
Shares in Hindustan Unilever, Maruti and Tata Power were among the early gainers in trade.
Banking shares saw some selling pressure in trade with Federal Bank down a huge 8 per cent, while other notable losers were Kotak Mahindra, IndusInd Bank, Yes Bank and Punjab National Bank.
Today's mild selling pressure was largely on account of worries over the monsoon and also ahead of the parliament session which is slated to begin on July 21.
Mid cap stocks were also marginally lower with Bharat Forge and Voltas seeing some selling pressure. Analysts are advising caution in mid cap stocks because they have run-up too fast.
Meanwhile, markets across Asia were mostly trading lower with the Hang Sang and the Straight Times among the early losers.