Reuters Market Eye - The BSE Sensex is down 0.1 percent, while the Nifty loses 0.06 percent. Reliance Industries Ltd gains 0.4 percent after Bank of America-Merrill Lynch upgrades the stock to "neutral" from "underperform", citing increasing evidence of an improving refining outlook and an expected earnings growth recovery.
Reliance shares also gain on a Times of India report that AT&T Inc is looking to buy a more than 25 percent in telecom unit Reliance Jio Infocomm Ltd, without citing where it obtained the information. However, AT&T has been linked with various Indian telecom companies in the past.
Oil and Natural Gas Corp Ltd is up 0.4 percent, extending recent gains, after the government on Friday sought parliament's approval to spend an additional 247.74 billion rupees on oil subsidies in the current fiscal year that ends in March.
However, shares in Larsen & Toubro Ltd fall 1 percent on Monday after World Bank barred the company from participating in any of the organisation's projects for six months.