The Sensex was trading lower by 43 points, while the Nifty lost 18 points in trade today. Cairn India was down more then 1 per cent after its fourth quarter net profit fell by 23.4 percent quarter-on-quarter to Rs 2,563 crore.
Ultratech Cement also reacted to its results and was trading marginally lower. Among the early gainers from the Nifty were Bhel, Coal India, Dr Reddy's Labs, Jindal Steel, Sterlite Industries and Sun Pharma.
HDFC Bank which rallied sharply on Tuesday gave up gains and was trading 1 per cent lower ahead of its results to be declared later today.
Reliance Industries was trading flat despite the government clearing investments in another 25 oil blocks, which the defence ministry had opposed.
PSU banks saw some profit booking in trade today with stocks like Union Bank of India, Syndicate Bank, Indian Bank and Indian Overseas Bank losing ground.
Realty stocks also gave up gains with some of the losers from the sector being Unitech, Sobha, Parsvnath and Indiabulls.
Infosys recovered some lost ground and was trading higher, though TCS fell from the technology pack. Auto stocks were having a quiet day of trade with Hero Motor Corp, Mahindra and Mahindra and Maruti shares being subdued.
Meanwhile, markets in Asia were trading lower after disappointing PMI data from China. The Hong Kong's Hang Sang and the Singapore's Strait Times were also trading lower.