Indian share markets opened the shortened week with modest losses after seven consecutive weeks of gains.  The BSE benchmark Sensex traded 141 points lower at 46,919 while the NSE Nifty 50 index stood 51 points lower at 13,709 at around 9.35 am. In the early deal, top Nifty losers include Tata Motors, Hindalco, GAIL, HDFC and Axis Bank while Reliance, Larsen, Hero Motocorp, Sun Pharma and TCS were among the top gainers.

Among the sectoral indices, the PSU Bank index opened 1.3 percent lower and is the top loser. The Nifty Metal index too is down 0.9 percent at the start of trade. Other indices such as the Nifty Bank and Nifty Auto are seen 0.4 percent while the Realty index is trading with losses of 0.6%. In the Broader markets, the Midcap index is trading 0.3% lower while the Smallcap index is unchanged.

Shares in PSU Banks will be in the spotlight after the CII has asked the govt to consider establishing "multiple bad banks" for tackling the issue of increasing NPAs which has worsened further amid Covid 19 led disruption.

Shares of Reliance Industries traded with gains of over 1 percent after the oil major has begun production of new gas from the eastern offshore KG-D6 field. Reliance and its partner will get just USD4.06 per unit even after discovering a higher rate in an open market auction.

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What to watch out in the markets this week