Benchmark indices were trading in negative on investor caution that Union Budget could push up inflation and prompt the central bank to raise interest rates soon.
Finance Minister Arun Jaitley, delivering his last full annual budget before a general election to be held by May next year, raised government spending for rural areas and support to farmers, while slowing the pace of fiscal consolidation.
A cautious stance at the RBI would increase the probability of interest rate increases in the coming fiscal year.
Globally, Asian shares fell the most in over a year on Monday as fears of resurgent inflation-battered bonds, toppled Wall Street from record highs and sparked speculation that central banks globally might be forced to tighten policy more aggressively.
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