Among the early losers were stocks from the IT space including TCS, Wipro and Infosys. Pharma stocks which had been outperformers recently dropped with Sun Pharma, Dr Reddy's and Cipla among the notable losers.
Defensives including ITC and HUL were trading flat in early trade. Tata Motors which declared results late on Wednesday surged following hopes of better performance by its JLR division. Ranbaxy jumped 5 per cent after there was an upgrade on the stock by a foreign broking outfit.
Banking stocks which have witnessed frantic selling in the last few trading sessions were trading flat today. HDFC Bank, ICICI Bank and PSU banks like Allahabad Bank, Bank of Baroda and Andhra Bank were among the early gainers.
Shares of Power major Tata Power were trading lower after Credit Suisse put an under perform rating on the stock.
Real estate stocks saw some buying interest in trade with HDIL, Anant Raj and Parsvanth gaining ground.
Wockhardt which was consistently locked at the lower end of the circuit filter for the last few trading sessions was down 2 per cent in trade.
Meanwhile, markets in Asia were trading with gains led by a strong rally in the Japanese Nikkei. Other markets that were trading higher were Hong Kong's Hang Sang, the Korean Kospi and the Chinese Shanghai Composite.