Indian shares opened on a flat note on Monday as investors digested the formation of a non-BJP government in Karnataka as well as news that the U.S. and China have reached an agreement to set up a framework for addressing trade imbalances in the future.
The benchmark BSE Sensex was margianlly higher at 34,876 after falling around 2 percent last week amid persistent selling by foreign funds. The broader Nifty index was virtually unchanged at 10,596.
UltraTech Cement climbed 3 percent after it agreed to acquire the cement business of BK Birla Group company Century Textiles. Shares of the latter slumped 6 percent.
SBI rallied 1.7 percent and Bank of India jumped over 3 percent after Tata Steel's bid for Bhushan Steel received NCLT approval.
Adani Enterprises slid half a percent on reports that it is foraying into electric buses manufacturing.
Jaiprakash Associates lost about 1 percent after posting a standalone net loss of Rs 78.70 crore for the fourth quarter ended March.