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The BSE Sensex and Nifty fell for a fourth straight session on Monday, marking their lowest close in 2-1/2 weeks, as ITC Ltd slumped the most in 10 months on tax worries, while concerns over high oil prices feeding inflation continued to weigh.
Brent crude was up at around $115 a barrel on Monday, supported by worries about potential disruptions to supply from Iraq where Sunni insurgents took control of strongholds along the border with Syria at the weekend.
Investors also turned cautious ahead of the new government's Budget on July 10, which will hold details of the borrowing plan for 2014-15.
The Sensex lost 0.3 per cent, or 74.19 points, to end at 25,031.32. The Nifty fell 0.24 per cent, or 18.10 points, to end at 7,493.35, closing below the psychologically important 7,500 level. Both indexes marked their lowest close since June 5.
