The market was marginally lower in early trade with the Sensex struggling below 28000 level amid consolidation. Investors waited for speech by the Federal Reserve Chief Janet Yellen at Jackson Hole.
The Sensex was down 32.64 points at 27952.90 and the Nifty declined 16.20 points at 8612.95.
NTPC and HPCL fell 1-2 percent after first quarter earnings announced yesterday evening.
HDFC, Reliance Industries, L&T, Lupin and Sun Pharma were under pressure whereas Infosys, Asian Paints, Adani Ports, TCS and Wipro gained.
The Indian rupee has opened higher by 7 paise at 67.12 per dollar against previous close of 67.19 a dollar.
The dollar stopped its advance against major currencies on hesitation ahead of a speech from the Fed chair on Friday.
Asian markets were mixed with the Japan's Nikkei and Hong Kong's Hang Seng falling over 0.3 percent whereas China's Shanghai gained 0.2 percent.
US stocks were little changed on Monday as a drop in oil prices that weighed on the energy sector was offset with a strong showing by biotech stocks.
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