Equity benchmarks opened flat with a negative bias on Monday, after rallying nearly 600 points in previous two consecutive sessions. Subdued Asia trade also caused some selling pressure. Investors digested Moody's India upgrade and focussed on Gujarat Assembly elections that will take place next month.
The 30-share BSE Sensex was down 27.26 points at 33,315.54 and the 50-share NSE Nifty fell 15 points to 10,268.60.
L&T surged 2 percent after bagging Mumbai Trans Harbour Link project.
Yes Bank, IndusInd Bank, ONGC, Sun Pharma, HDFC Bank, TCS and UPL were early gainers.
Infosys, Coal India, Cipla and Zee Entertainment were early losers.
Biocon, Jai Corp, Reliance Industrial Infra, Glenmark Pharma, Eris Lifesciences, Strides Shasun, Transport Corp, Patel Integrated and Havells gained 1-5 percent.
Cement stocks were under pressure - Shree Cement, UltraTech Cement, JK Lakshmi and Ambuja Cements fell 1-4 percent.
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