The BSE Sensex ended flat on Monday on worries that further delays in fiscal reforms from the government would prevent the RBI from lowering interest rates.
Banks were among the day's leading decliners: ICICI Bank ended down 1 percent, while State Bank of India fell 2.1 percent.
Bharat Heavy Electricals fell 2.3 percent, after earlier hitting its lowest intraday level since October 2008, on renewed concerns of coal block cancellations from the government's controversial 2004-2009 sale process.
Tata Steel gained 1.3 percent after Citigroup upgraded the stock to "buy" from "neutral", citing attractive valuations.
The BSE provisionally fell 0.01 percent. The 50-share NSE index ended up 0.09 percent.
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