The BSE Sensex is down 0.04 percent and the 50-share NSE Nifty falls 0.06 percent.
With the Lunar New Year holiday shutting most Asian financial centres, including those in Japan, China, Hong Kong, Singapore and South Korea, trading was light and potentially volatile on those exchanges that remained open.
ITC falls 1.6 percent on profit-taking, while Oil and Natural Gas Corp fell 1.8 percent ahead of its December quarter earnings later in the day.
Financial stocks fall on continued concerns on India's economic growth after government estimates on Friday showed FY13 growth could be worse than expected.
ICICI Bank falls 0.74 percent while Housing Development Finance Corp is down 0.6 percent.