Infosys also failed to boost the market sentiment despite of its growth. Infosys limited Q3 earnings rose by 33.3% more than the market expectations, but the company has reduced its dollar revenue growth as uncertainties over the euro zone recovery.

Shares of the Infosys were trading at 2,641.90 down by 184.10 or 6.51%.

At 10.40 am IST, the 30-share BSE Sensex was at 16073.35 down by 102.51 points or 0.63% and NSE Nifty was trading at 4838.55 down by 22.40 points or 0.46%.

In Asia, most of the markets were trading in negative terrain, the Nikkei 225 was down by 78.17 points and was at 8370.33. The Hang Seng was down by 23.05 points and was at 19,128.89 The Shanghai composite was up by 13.84 points and was at 2,273.02.

Among sectoral indices on BSE, most of the sectors were trading in positive terrain except Oil & gas(-0.46), TECk (-3.64) and IT (-5.12).

On the National Stock Exchange (NSE), the top volume gainers were IDFC, Siemens, Axis Bank, Reliance Power and PNB posted gains between 2.14%-2.61%

And the top losers in the opening trade INFY(6.64), TCS (4.17), Wipro (2.29).