The Benchmark Sensex was seen down by 27 points at 16,529 level at 3:00 pm, while the NSE Nifty was seen down by 9 points at 4,970 level.
Following a rally of the previous session, Indian markets opened positive on Tuesday. The BSE Sensex opened higher by 110.92 points or 0.7% at 16,668.15. The 50-share Nifty opened at 5,028, up by 50 points or 0.9%.
Asian markets were trading firm till afternoon session, took an about turn after European markets opened red. Traders booked profits and came out of the rally following the European pears.
Top gainers on NSE were Bharti Airtel, SAIL, Tata Motors, NTPC & Hindalco.
Telecom companies were the volume toppers on the stock markets reflecting the aftermath of new telecom policy draft released by Union Telecom Minister, Kapil Sibal.
Bharti Airtel recorded a day's high of Rs 380.45 and was seen trading at Rs 376.80 same time.
Infosys, ONGC, HCL Tech, TCS and BHEL were the losers on NSE.
Among the sectoral indices on the Bombay Stock Exchange (BSE), Metals, Consumer Durables, Auto, Consumer Goods and Power were the top performers, posted gains in between 0.59% - 1.12%.
Analysts are keen on September quarter results as results season again on the cards. Companies will start posting their results from the last week of October.