On Friday, the benchmark indices closed at high levels on the back of broadly positive global cues, coupled with healthy buying in banking, capital goods and auto stocks.
However, the key indices scaled fresh intra-day highs on expectations of more tax reliefs in the GST Council meet slated for later during the week.
It was a flat day for the market.
On Friday last week, provisional data with the exchanges showed that foreign institutional investors sold scrip worth Rs 9,690.84 crore whereas domestic institutional investors purchased stocks worth Rs 33.40 crore.
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Asian stocks slipped after China's central bank chief warned again about excessive leverage and U.S. President Donald Trump ramped up his tough rhetoric against North Korea.
On the currency front, the rupee weakened by 13 paise to close at 64.68 against the USA dollar from its previous close at 64.55.
Shares of IDFC Bank (down 2.21 per cent), ICICI Bank (down 1.25 per cent), Punjab National Bank (down 1.20 per cent), IndusInd Bank (down 0.91 per cent), Kotak Mahindra Bank (down 0.67 per cent) and Axis Bank (down 0.53 per cent) were trading in the red in Monday's morning trade, dragging the Nifty Bank index down.
The losses in Asian shares came despite gains in Wall Street on Friday, with the Dow Jones Industrial Average up 0.1 percent, the S&P 500 gaining 0.31 percent and the Nasdaq adding 0.74 percent.
Major gainers were Tatamtrdvr 3.30 pct, M&M 2.99 pct, ONGC 2.58 pct, Tata Motors 2.04 pct, Maruti 1.26 pct and AdaniPorts 1.05 pct.