Indian benchmark indices opened lower amid mixed global cues. At 09:18 hours, the 30-share BSE index was trading 147 points or 0.28 per cent lower at 52,828.27, and the broader NSE Nifty was down 49 points or 0.31 per cent to 15,806.65.
ICICI Bank and UltraTech Cement were the top draggers in the Sensex pack, declining over 1 per cent, followed by Asian Paints, Bharti Airtel, SBI and M&M.
On the other hand, Infosys and IndusInd Bank among the gainers on BSE.
On Friday, the benchmark indices ended higher amid positive global cues. Sensex rose 139 points to 52,975 and Nifty gained 32 points to 15,856.
Foreign institutional investors (FIIs) emerged as net sellers as they sold shares worth Rs 163.31 crore on July 23, as per provisional data available on the NSE.
Commenting on the outlook for Nifty, Nagaraj Shetti, Technical Research Analyst at HDFC Securities said, “The short-term uptrend of Nifty remains intact. There is a possibility of further consolidation or minor downward correction from the highs in early next week. A sustainable move above 15,900 could open next upside towards 16,100 levels in the short term. Any weakness could find support at 15,750 levels.”