The Nifty was trading lower on Monday after earlier marking a fresh record high of 8,623. The 50-share Nifty was down 0.35 percent while the BSE Sensex fell 0.44 percent at 3:11 p.m.
The MSCI-Asia Pacific index, excluding Japan, was down 1.9 percent on risk aversion.
Gold tumbled after the Swiss referendum while oil hit a five-year low.
Shares in oil explorers slumped.
Reliance Industries fell 2.4 percent, Oil and Natural Gas Corp was down 3.6 percent.
Caution was also seen a day ahead of Reserve Bank of India's policy review.
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India VIX gained 2.4 percent.
(Reporting by Abhishek Vishnoi)