Reuters Market Eye - The BSE Sensex is trading down 0.4 percent, heading for a fourth consecutive fall in a holiday-shortened week after hitting a record high last week. The Nifty falls 0.5 percent.
Asian shares slump to a four-week low after Wall Street suffered its biggest fall in more than two months, while a surprise interest rate cut by the European Central Bank knocked down the euro to a seven-week low.
Blue-chip stocks such as Tata Consultancy Services and Housing Development Finance Corp fall 1.2 percent and 1.8 percent, respectively, continuing to be hit by profit-taking.
Tata Motors rises 2.2 percent ahead of its results due later in the day.
(Reporting by Swati Bhat)