Among individual stocks, State Bank of India was set to gain for a sixth straight session following well-received quarterly results. The stock has jumped 46% so far in the last eight sessions.
The NSE Nifty 50 index ended up 0.19% at 14,924.25, having risen as much as 0.8% earlier in the session, while the S&P BSE Sensex gained 0.23% to close at 50,731.63.
State Bank of India's shares surged 15% to a record high, after it beat analysts' profit estimates on Thursday.
Drugmaker Dr. Reddy's Laboratories rose 5.3% after a report said India is expected to grant emergency use authorization for Russia's Sputnik V COVID-19 vaccine soon.
Jaguar Land Rover parent Tata Motors gained 10% and was the top percentage gainer on the Nifty 50 after reporting a 27.6% rise in domestic sales in January.
India's economy is seen clocking robust growth of 11% for the coming fiscal year, after likely contracting 7.7% in the current fiscal year to March 31, an annual economic survey showed on Friday.
The blue-chip NSE Nifty 50 index fell 1.07% to 13,817.55 and the benchmark S&P BSE Sensex closed 1.13% weaker at 46,874.36.
Shares of automaker Maruti Suzuki India Ltd fell 3.5% after the company's margins for the December-quarter fell on rising costs, despite an uptick in demand.
The blue-chip NSE Nifty 50 index fell 1.5% to 14,371.90 and the benchmark S&P BSE Sensex fell 1.5% to 48,878.54.
There is some market fatigue that is creeping in after a massive rally. Even though foreign investors remain net buyers in the market their numbers have come down sharply.
The country's drug regulator on Sunday gave emergency use approval to two coronavirus vaccines - one developed by AstraZeneca and Oxford University and the other by local company Bharat Biotech.
Shares in India's most valuable firm Reliance Industries rose 1.2% to their highest since Dec. 21, while HDFC Bank advanced 1.35%, gaining for a fourth straight session.