Sensex Down 174 Points In Early Trade; Nifty At 11,139

Indian shares gave up early gains to edge lower on Monday as investors kept an eye on rising coronavirus cases in the country and awaited more large-cap earnings for directional cues.

The benchmark S&P BSE Sensex dropped 174 points, or 0.46 percent, to 37,954 in early trade, while the broader NSE Nifty index was down 55 points, or 0.49 percent, at 11,139.

Biocon lost 2.4 percent on news that the firm's itolizumab drug has not been included in national treatment protocol for Covid-19 patient.

Lupin fell nearly 2 percent and Granules India slumped 4.3 percent after announcing a product recall in the U.S.

ICICI Bank tumbled 3.6 percent after its quarterly profit missed estimates.

Kotak Mahindra Bank rose 1.3 percent while Tech Mahindra slid half a percent ahead of their earnings later in the day.

HDFC Bank declined 2.6 percent after its chief executive and managing director Aditya Puri sold more than 7.4 million shares of the private lender to raise Rs 842.87 crore.