AU Small Finance Bank, CDSL, HUDCO, Avenue Supermarts, Eris Life and Tejas Networks fell up to 10 percent.
The market failed to extend the rally on Friday as investors preferred profit booking after the Sensex added 677 points in the previous four consecutive sessions, and also looked for more corporate earnings.
Benchmarks started off on a strong note, with the Nifty surpassing 9,900 level for the first time following positive leads from Asia and Infosys earnings, but could not hold for long.
The market was rangebound with negative bias for a major part of the session. The 30-share BSE Sensex managed to hold the 32,000 level, though it ended down 16.63 points at 32,020.75.
The 50-share NSE Nifty fell 5.35 points to 9,886.35 after hitting an intraday high of 9,913.30 on weak breadth, but the BSE Midcap outperformed, up 0.22 percent.
"Participants are feeling bit relieved after the IT majors' result amid expectation of a bad quarter, but it's just the beginning of earnings season," Jayant Manglik, President, Retail Distribution, Religare Securities said.
He believes that possibility of a rate cut would further fuel the rally ahead and any dip in between should be used as buying opportunity.
The Nifty rallied 2.3 percent and the Sensex gained 2.1 percent for the week on hopes of a rate cut after lower inflation, dovish comments from Federal Reserve chair Janet Yellen on further rate hike and stable earnings from TCS & Infosys.
Technology, auto and metal stocks were under pressure while banks and pharma outperformed.
Infosys rallied more than 3 percent intraday after better-than-expected earnings but saw profit booking in the last hour of session to close with 0.4 percent loss. TCS was the biggest contributor to Sensex' losses, down 1.9 percent after dismal performance in Q1. Wipro also fell 1.8 percent ahead of earnings next week.
Reliance Industries gained for the sixth straight session to close at a fresh nine-year high at Rs 1,531.05, up 0.8 percent.
Nifty Bank ended at a record closing high of 23,937.70, up 0.2 percent as Kotak Mahindra Bank was the top gainer, up 1.6 percent ahead of results next week.
Nifty PSU Bank gained the most among sectoral indices, up 1 percent. SBI, PNB and Bank of Baroda gained 1 percent each.
ACC (up 3 percent) & HUL (0.6 percent) hit fresh 52-week highs intraday ahead of earnings next week.
Aurobindo Pharma gained nearly 6 percent ahead of US Food and Drug Administration's (US FDA) target action date for Renvela generic.
Biocon rallied 9 percent as US FDA advisory committee recommended approval of biosimilar Trastuzumab that is used to treat cancer. Its subsidiary Syngene International gained 5 percent.
Recent listings AU Small Finance Bank, CDSL, HUDCO, Avenue Supermarts, Eris Life and Tejas Networks fell up to 10 percent after sharp rally.
Jubilant Foodworks surged 5 percent ahead of earnings next week.
About 1,680 shares declined against 1,012 advancing shares on the BSE.Asian markets closed higher as investors digested the second day of Federal Reserve Chair Janet Yellen's testimony ahead of earnings season. European markets were flat at the time of writing this article.