Larsen and Toubro which gained ground on Tuesday following hopes of a banking license for the group, lost ground on profit booking.
PSU banking stocks were trading little changed in trade on subdued demand. Infosys which had rallied almost 7 per cent following Murthy's appointment as Chairman gave up gains.
Banking stocks also saw some selling pressure with most of the stocks from the sector including ICICI Bank, Axis Bank and State Bank of India losing ground.
Mid cap stocks were having a good day in trade with notable gainers from the space being Reliance Communications, Tata Global, Future Retail and Divis Labs. However, real estate stock HDIL, continue to trend lower.
Pharma stocks which had a good session on Tuesday lost some ground on profit booking. Notable losers from the space were Ranbaxy Laboratories, Lupin Labs and Glaxo Smithkline.
IT Stocks were trading lower after the rupee gained in morning trade. Notable losers included TCS, Infosys and Wipro.
Meanwhile, markets in Asia were trading with losses, except the Japanese Nikkei which was trading with some gains.
Markets are expected to track global cues, though analysts admit that it is heading lower.