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"The bank is steadily improving its return ratios and this would drive the next leg of re-rating," said Kotak Institutional, adding that Federal Bank is its preferred pick among mid-tier banks.

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With the rupee breaching the psychological ₹80 versus the US dollar for the first time and the spot market USD-INR gauge heading towards that mark, companies that have significant overseas liabilities fear margin pressure will impact their nascent revival after the pandemic.

"Oil is opening the week softer as the market digests the demand impact of the rise in new COVID cases in China and as the market cautiously awaits the monumental event risk if Nord Stream 1 gas flow from Russia to Europe will resume later this week," said Stephen Innes, managing partner at SPI Asset Management.

​​​​​The European Central Bank is expected to raise interest rates by 25 basis points at its policy meeting later this week. IMF Chief Kristalina Georgieva on Saturday warned officials from the Group of 20 major economies to take urgent action to combat inflation, warning that the "exceptionally uncertain" global economic outlook could turn worse if higher prices persisted.

The euro last bought $1.0094 and the yen, which has tumbled about 17% this year, steadied at 138.29 per dollar. The New Zealand dollar and the Aussie inched higher after inflation surged to a three-decade high in New Zealand.

Bank of Maharashtra, Alok Industries, Heidelberg Cement, Ganesh Housing, Bhansali Engineering and Nelco are among the company that will announce their quarterly earning for the quarter ended June 2022.

Stocks that were in focus include names like HDFC Bank, which closed with gains of nearly 1 per cent ahead of June quarter results, Adai Enterprises which rose 0.8 per cent, and Adani Transmission which pared gains after hitting a fresh 52-week high.

Meanwhile broader markets have done relatively better as Pharma, Auto and FMCG stocks took the lead. The extended pressure in markets was experienced after 4 decade high US inflation numbers. However, Nifty was able to hold 15900 levels and till these levels are held, we remain positive for the coming sessions.

So far this month, foreign institutions (FIIs) have withdrawn around a billion dollars from the equities and debt market. Surging trade deficit numbers and capital outflows will force the government to revise the deficit target for the current financial year.