Indian equities in Monday's trade (December 9) started trade on a weak note. At the start, BSE was down 0.09 per cent or 73.73 points at 81,635.39, while the Nifty 50 index was down 0.17 per cent or 41 points at 24,636.4.

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The high beta Nifty Bank index traded with a mild gain of 0.05 per cent, while the broader markets outperformed the headline indices, with the Nifty Midcap 100 up around 0.24 per cent at the last count.

Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services said, "The near-term trend of the market is mildly bullish. The leadership for the rally which has taken the Nifty up by 3.2 per cent during the last fortnight has come from the leading banks, which are even now fairly valued,  and have the potential to take the market forward. The return of the FIIs is another positive which augurs well for the largecaps."

The ongoing rally can take the Nifty Bank to new record highs, lifting the Nifty further up, he added.

Sectorally, it is emerging as a mixed session with the Nifty FMCG down the most by over 1 per cent, followed by cut in the media, pharma, auto and metal stocks. Nonetheless, consumer durables and financial services led the gains.

Stocks in focus

Godrej Consumer Products stock after a mixed Q3 business update in early trade fell over 9 per cent.

Shares of Delta Corp after the board's approval for revised demerger traded with gains of over 1 per cent at Rs 124.3 per share.

Asian markets

The key MSCI Asia ex Japan traded with a cut of 0.46 per cent. Most Asian markets continued to trade in the red as South Korean shares plunged to their lowest levels in more than a yearamid deepening political woes. On the sidelines, investors were tracking economic data releases in China and Japan.