Andreas Seppi guided Italy into the first finals of the revamped Davis Cup after beating India 3-1 in the world group qualifier.
Mahesh Bhupathi had earlier said that this will be India's best chance to beat Italy in the qualifiers.
Yuki Bhambri pulled out of the competition after his knee injury flared up at the US Open.
Leander Paes did not travel to Indonesia with the rest of the squad.
The 10th seeded Indo-French combination of Bopanna and Edouard Roger-Vasselin beat off a late fightback from Portugal's Joao Sousa and Leonardo Mayer of Argentina 6-2, 7-6 (7-3).
Sharan, who has won 19 ITF Futures titles, 13 Challenger trophies, and three ATP Tour titles, said now he has the "belief that he can win a Grand Slam".
The Indian pair of Sharan and Raja lost a marathon battle in the second round of the men's doubles.
Purav Raja-Divij Sharan, Sania Mirza entered the second round of their respective events at Wimbledon.
Sania Mirza began her campaign with a win in mixed doubles with her partner Ivan Dodig of Croatia
Doubles specialists Leander Paes, Divij Sharan-Purav Raja, Rohan Bopanna and Sania Mirza will be seen in action at Roland Garros.
Leander Paes and his Brazilian partner Andre Sa had a one-set advantage but lost 6-4, 6-7(3), 4-6 to 10th seeded pair of Treat Huey and Max Mirnyi
It is the first time that an Indian team has clinched the Chennai Open trophy since the legendary Leander Paes and Mahesh Bhupathi took the title in 2011
The Indian duo, who will meet Purav Raja and Divij Sharan in the final, defeated the US-New Zealand pair by 7-6 (4), 6-4.
Divij Sharan and Purav Raja livened up the Chennai Open for home fans by storming into the doubles final as they scalped the second seeded Argentines Guillermo Duran and Andres Molteni
Divij Sharan came from a set down to beat his local wild card Wei Qiang Zheng 3-6 7-5 7-6.
Yuki Bhambri and Divij Sharan lost in the semis to settle for bronze. Earlier, Sanam Singh and Saketh Myneni entered the final.
Somdev Devvarman will fight it out with Japanese Yoshihito Nishioka in the singles summit clash, while doubles final will be an all-Indian affair as Sanam Singh and Somdev face Yuki Bhambri and Divij Sharan.
Somdev Devvarman, who won two gold medals in the last edition of the Asian Games in Guangzhou and a singles gold in the 2010 Commonwealth Games in New Delhi, has opted out to concentrate on the ATP professional circuit and thereby improve his ranking on the Tour.