Benchmark indices opened the day flat, even as Asian markets traded mixed, ahead of key central bank meetings this week, including the US Federal Reserve and the Bank of Japan.
Additional fiscal and monetary stimulus is expected from the Bank of Japan, while all eyes would be on the US Fed Statement after its policy meet.
Axis Bank was the biggest loser from the Nifty after its asset quality worsened and the quarterly numbers disappointed. The stock was trading lower by 2 per cent.
Canara Bank was trading flat, ahead of its numbers to be reported later today. Equitas Holdings saw its share price rally by 4 per cent after the company net profits rose 64 per cent at Rs 61 crores in April-June quarter. The numbers were reported after market hours on Saturday.
Shares in Rallis India gained ground after the company reported a four-fold jump in consolidated net profit at Rs 174.20 crore for the quarter ended June 30, 2016. The company had posted a net profit of Rs 42.39 crore in the year-ago period. The stock was up 5 per cent in trade.
IT stocks were trading marginally lower with both TCS and Infosys among the early losers in trade.
Meanwhile, the rupee opened at 67.17 to the US dollar, more or less steady over Friday's rates.