Leading the set of losses on the Nifty and the Sensex were stocks from the metal space including the likes of Jindal Steel, Tata Steel and Sesa Sterlite.
Other Nifty losers in early trade were Larsen and Toubro and Mahindra and Mahindra. Stocks from the banking sector also saw some declines with HDFC Bank, ICICI Bank and Kotak Mahindra weak in early trade.
Stocks that gained in trade were some of the software stocks like HCL Tech and Tech Mahindra.
PSU banking stocks continued to languish with notable losers being Oriental Bank of Commerce Kotak Mahindra and IDBI Bank.
Meanwhile, most of the markets in Asia were trading lower led by losses in the Hong Kong's Hang Sang and the Shanghai Composite.