Early losers from the Nifty were heavyweights including ITC and Reliance. ICICI Bank which rallied almost 5 per cent on Monday shed some gains on profit booking.
Some buying interest was seen in pharma stocks with gainers from the space including Lupin Labs and Sun Pharma.
PSU Banking stocks which rallied substantially on Monday gave up gains. Some of the losers from the space were Canara Bank, Bank of Baroda, Union Bank and Andhra Bank.
Top Nifty gainers in trade today were Bharat Heavy, Indusind Bank and Lupin. Larsen and Toubro continued to find buying support at lower levels.
Axis Bank which jumped on Monday following its inclusion in the Sensex with effect from 23rd December was trading marginally lower.
Mid cap stocks were also not having a good session in trade with losers from the space being Hexaware, Oriental Bank and Siemens.
Meanwhile, markets in Asia were trading marginally lower led by losses in the Japanese Nikkei. However, the Shanghai Composite and the Hong Kong's Hang Sang were trading with gains.