Indian shares were largely unchanged on Monday in thin trade, as gains in index heavyweights such as ITC Ltd and Tata Consultancy Services Ltd offset losses in Larsen and Toubro Ltd (L&T) after it posted lower-than-expected quarterly profit.
Cigarette maker ITC rose nearly 2% in early trade ahead of its March-quarter results scheduled later in the day. The stock was on track to post its first gain in five sessions. TCS gained nearly 1.5%.
L&T fell 2.6% after its March-quarter profit fell short of street estimates and the conglomerate warned that disruptions in decision making processes due to elections in India could impact operating parameters in first half of 2019-20.
The broader NSE Nifty was down 0.08% at 11,268 as of 0614 GMT, while the benchmark BSE Sensex was 0.05% higher at 37,482.6.
The NSE Nifty is on track for a ninth straight session of fall and has already lost 4% in May.
However, an analyst says going long would pay dividends in this market.
Markets falling "should not be a matter of concern, our strategy is very simple - we need to go long on declines in this uptrending market," said Pritesh Mehta, senior vice president – research at Yes Securities.
"See both stocks and index (NSE Nifty) had run up a lot, now they are getting back to their moving averages, which is a sign of comfort," said Mehta.
"With confluence of support at play around 11,100-11,200 zone, index is close to finding a floor."
Asian shares slid over fears of global economic growth after trade negotiations between the U.S. and China appeared at a deadlock.
MSCI's broadest index of Asia-Pacific shares outside Japan had dropped 0.5%.
State-run Allahabad Bank Ltd fell nearly 6% after its March-quarter loss widened while provision it set aside for bad loans also grew.
Technology company Vakrangee Ltd dropped 5% to its lowest in over a month after reporting a 12-fold fall in quarterly profit on Friday.
Among gainers, PC Jeweller Ltd climbed over 4%after board approved the demerger of its exports division.