The BSE Sensex was trading lower by 50 points at 17122 points, while the NSE Nifty was trading lower 18 points at 5204 points, at 9.20 am IST.
Global cues were weak as Greece woes resurfaced on Tuesday dragging Europe and US indices lower. Domestically, sentiments turned adverse on poor showing by the Congress party in key states, particularly Uttar Pradesh.
The only silver lining for the markets were reports of diplomatic solutions resurfacing in problems with Iran, which saw crude prices falling.
ADAG Group stocks continued to gain with Reliance Petroleum and Reliance Infrastructure both surging in trades today.