Reuters Market Eye - The BSE Sensex trades down 0.35 percent while the broader 50-share Nifty falls 0.4 percent as shares consolidate ahead of the expiry of April derivatives contract on Thursday.
Sentiment also cautious ahead of the central bank's annual policy on May 3 where it is widely expected to cut rates by at least 25 basis points.
The NSE banking index which started gaining since April 8 was up over 12 percent at close on Monday.
Technology shares which slumped after disappointing results and guidance, see some buying interest. Tata Consultancy Services Ltd.
The MSCI Asia ex-Japan index index trading down 0.6 percent as preliminary reading shows manufacturing growth in China slows in April, highlighting the recent market concerns about global growth prospects.
(Reporting by Swati Bhat)
