It was a quiet opening for the Indian markets as most global markets were steady. The Sensex was trading with losses of 10 points, while the Nifty was lower by 9 points in early trade.
Shares in Kotak Mahindra Bank fell after reports that the bank is exploring a takeover of smaller Indian rival IndusInd Bank Ltd. Shares in IndusInd Bank on the other hand were up 3 per cent in trade at Rs 627, following the news, which the bank denied.
Shares in Reliance Industries fell after Amazon.com Inc on Sunday won an interim award against its partner Future Group selling retail business to Reliance Industries Ltd fo Rs 24,713 crore after a Singapore-based single-judge arbitration panel put the deal on hold. The stock was down 1.17 per cent at Rs 2,087.
Shares in Yes Bank gained as much as 4 per cent, after the bank reported a good set of quarterly numbers.
Among the top Nifty losers in trade were JSW Steel, Tata Steel, State Bank of India and Tech Mahindra.
Meanwhile, GCL Securities has suggested buying Nifty in the range of 11820 to 11860 points with a stop loss of 11,744 points and a target of TGT 11944.