Equity benchmark indices opened lower on Monday, with disappointment over the Budget and caution ahead of key macro data and earnings as well as the Reserve Bank of India's monetary policy statement scheduled on February 6.
Also, sell-offs in global markets amid fears of coronavirus in China weighed the domestic market.
However, the stock market erased its losses, with the Sensex trading 47 points higher at 39,782, and the Nifty trading 23 points up at 11,684.
IOC, Zee, BPCL and Tech Mahindra were the top gainers on Nifty50 index, while ITC, Hero MotoCorp and Tata Motors led the losses. Major buying was seen in metal, pharma and IT indices, while the bank, FMCG, and auto stocks were down on the Nifty50.
The India VIX is down 2.4% at 16.43.
Asian markets edged lower this morning, with China's Shanghai Composite index plunging more than 8% as traders returned to their desks after a prolonged national holiday.
Further, the Indian rupee opened lower by 32 paise at 71.65 per dollar on Monday vs. Friday's close 71.33/$.
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