Benchmark indices were trading lower on Monday, weighed down by a fall in the country's top lender State Bank of India by nearly 3 per cent after weak quarterly earnings.
The NSE Nifty 50 index was down 0.12 per cent at 17,376.90, and the S&P BSE Sensex fell 0.11 per cent to 58,323.48 in early trade. Both the indices on Friday had logged their third straight weekly gain, advancing 1.4 per cent each.
Shares of State Bank of India were down after the bank on Saturday missed estimates with a 6.7 per cent fall in first-quarter net profit hit by investment losses.
The rupee opened lower against the dollar on Monday, tracking broad decline in Asian peers.
Equities in broader Asia were subdued on Monday following a solid U.S. payrolls data that pushed back against talk of recession but also bolstered the case for more super-sized rate hikes.