Among the early losers were stocks from the metal space including Tata Steel, Hindalco and Jindal Steel.
Other Nifty stocks that declined in trade were Hindustan Lever, Bajaj Auto and Larsen and Toubro.
On the other hand Nifty gainers in early trade were Dr Reddy's, Sesa Sterlite, Wipro and Tata Consultancy Services.
ICICI Bank was trading flat ahead of its results to be declared later today. ITC which is also set to declare its results today was trading flat at Rs 343.
Hindustan Unilever, lost ground following a subdued financial performance from its parent company.
PSU banking stocks which had seen a lot of buying in the last few trading sessions saw some profit booking. Syndicate Bank, Bank of Baroda, Indian Overseas Bank were among the early losers.
Idea Cellular, which reported results as per market expectations was trading lower by slightly more then 1 per cent.
Biocon on the other hand which reported a good set of numbers was trading higher.
Unichem Labs was up more then 4 per cent after the company got US FDA approval for hypertension drug Norvasc generic.
Mid cap stocks were trading flat with early morning gainers being India Cements, MRF and Vijaya Bank.
Meanwhile, markets in Asia were trading lower, following weak economic data and ahead of the Fed's Open Market Committee meet.