Reuters Market Eye - The BSE Sensex is down 0.4 percent, while the broader Nifty is 0.41 percent lower, retreating for a third day from record highs hit on Friday.
Sentiment weakens as foreign investors sold index futures, worth 11.70 billion Indian rupees ($193.21 million) over the previous two sessions.
Lenders lead declines given the sector comprises a major portion of index futures: ICICI Bank Ltd is down 1.6 percent, while HDFC Bank Ltd falls 0.9 percent.
Hindustan Unilever Ltd falls 1.2 percent following disappointment over its January-March sales volume growth.
Other consumer stocks also fall, with ITC Ltd down 0.6 percent.
($1 = 60.5550 rupees)
(Reporting by Abhishek Vishnoi)