Benchmark indices were trading weak as profit booking set in, after a good rally of the last few days. Weak cues from across Asia, where the Bank of Japan failed to provide a boost through the quantum of QE left investors disappointed. The Japanese Nikkei gained against the US dollar, pushing share prices lower there.
Among early gainers was Reliance Infrastructure where there were reports that Brookfield has emerged as the frontrunner to take over the entire portfolio of 11 road projects the company. The stock was up 2 per cent in early trade.
Blue Dart on the other hand fell after its net profits dropped marginally in trade. Earny Nifty losers were clearly from the banking space with stocks like ICICI Bank, State Bank of India and Axis Bank among the early losers.
Shares in Asian Paints continued to power ahead and touched a new 52-week high. The stock was up 1 per cent in trade. Other notable gainers were Bosch, Coal India and Sun Pharma.
Tyremaker Ceat saw its shares drop after the company reported a slight decline in net profits. The shares were trading around 2 per cent lower.
The Hong Kong's Hang Sang was trading lower along with shares in the Chinese Mainland.
Meanwhile, the rupee strengthened and was trading at 67.02 to the US dollar.