Indian markets opened flat on Monday but soon turned negative and at the time of publication of this report, NSE Nifty was down by 56 points. On Friday, markets witnessed strong buying from lower levels. We could see the momentum continuing this week if markets stay above 24750 for NSE Nifty and in case the US markets remain positive. Below 24,750 on NSE Nifty for session close, we could see further selling and markets would need to take support from lower levels.

Among major losers during the early trade were RBL Bank, MANAPPURAM Finance and Ola Electric. Tata Consumer Products was among major losers in the early trades with stock down by 7.5 percent on NSE. Among other losers were Kotak Mahindra Bank as the quarterly results were not as per street expectations. Kotka Mahindra Bank shares were trading 4.5 percent lower.

Among other losers were IndusInd Bank, BPCL, Bharti Airtel and ONGC.

Tech Mahindra gained during early trades as the company announced impressive quarterly results. Tech Mahindra was trading 2.5 percent higher. HDFC Bank was trading firm after positive quarterly results. HDFC Life and Asian Paints were among gainers during early trading session.

Zomato, Yes Bank, UCO Bank were trading positive. Among losers were Suzlon Energy, Tata Steel, Adani Enterprises, Infosys Technologies and Hero MotoCorp.