The market has opened weak as the Sensex is down 118.97 points or 0.4 percent at 26197.37. The Nifty is down 39.25 points or 0.5 percent at 8075.05.
Cipla, Asian Paints, Hero MotoCorp, Wipro and Adani Ports are top gainers while SBI, Axis Bank, ICICI Bank, ONGC and GAIL are losers in the Sensex.
Banks are under pressure as Reserve Bank of India has asked banks to maintain an incremental cash reserve ratio of 100 percent, the move is estimated to suck out around Rs 3.24 lakh crore of excess liquidity from the system and will be applicable on deposits between September 16 and November 11 fortnights.
Bonds and bank stock will take a hit in trade today. The Indian rupee opened marginally higher at 68.42 per dollar on Monday versus 68.46 Friday.
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