Mumbai: The BSE benchmark Sensex, snapping its two days of gains, settled 37.07 points lower, dragged down by profit-booking in blue-chips.
"After a sustained uptrend, the domestic markets were showing a consolidation phase. This consolidation may continue for one or two days and after that, the market movements may be based on the quarterly numbers," said Alex Mathews, Head Research, Geojit BNP Paribas Financial Services.
After moving between the day's high of 28,335.23, its highest in 10 weeks, and the low of 28,084.36, the 30-share index closed down 37.07 points, or 0.13 percent, at 28,171.69.
The Nifty too fell 11.35 points, or 0.13 percent, to settle at 8,510.80.
Despite a solid start, sentiment remained cautious ahead of the earnings season starting this week as the Greek confusion led to selling in the late-afternoon trade.
However, India's strong macro parameters as well as some buying support cushioned the fall.
In the Sensex group, Vedanta fell the most, followed by NTPC, while HeromotoCorp, Hindalco, RIL, ONGC, Cipla and ICICI Bank ran up losses, too.
The notable gains came from Coal India, HDFC, Wipro, SBI, Sun Pharma and Dr Reddy's, as Bajaj Auto, Axis Bank, HDFC Bank ended in the positive zone, thus cushioning the fall.
Sectorally, the technology index fell the most, plunging 0.48 percent, followed by IT, power, auto and oil and gas.
The broader market outperformed benchmarks as BSE small-cap rose 0.62 percent while BSE mid-cap added 0.52 percent.
Of the 30-share Sensex pack, 21 ended the day lower.
Meanwhile, other Asian equities shut shop on a mixed note ahead of the key euro zone Finance Ministers' summit to discuss Greece following its rejection of bailout terms. Japan's Nikkei advanced while South Korea's Kospi, Hong Kong's Hang Seng and China's Shanghai indices slumped.
European stocks traded marginally weak.
