Indian shares declined in early trading Monday, as investors awaited the Interim Budget from the ruling United Progressive Alliance coalition government. The benchmark 30-stock Sensitive Index, or Sensex, fell 0.5% to 9,589.89, tracking a decline on Wall Street Friday. Enam Securities wrote in a report market expectations were muted given the interim budget, called a vote on account, was one where an outgoing government obtained the vote of parliament "for monies sufficient to incur expenditure on various items till a new government takes over." Federal elections were expected in India by May. Enam wrote expectations were also muted as India's combined fiscal deficit for year ending March 31 was around 12% of gross domestic product, leaving "the government with no room for any major fiscal stimulus."

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