Benchmark indices opened the day flat, despite huge losses seen across US markets on Friday. The Chinese markets were closed for Lunar Holidays, while most other Asian markets like South Korea, Hong Kong, Malaysia and Taiwan were also closed.
The Sensex was trading with losses of 6 points, while the Nifty fell 4 points in trade. Leading the set of gainers from the Nifty were Bank of Baroda and State Bank.
Steel companies also gained ground after the government imposed a minimum Import price on steel products. Tata Steel, Jindal Steel, and Steel Authority of India were the big gainers in trade.
Infosys and Tata Motors were the stocks from the Sensex that lost maximum ground. Shares in Cox and Kings fell after the company's profits dropped.
Banking stocks were having a good session with Axis Bank, ICICI Bank and Bank of Baroda among the top gainers in trade.
Midcap stocks were trading higher led by gains in PSU banking stocks and steel stocks. Meanwhile, the rupee opened at 67.85 to the US dollar.