Markets opened the day lower on the back of selling pressure and ahead of results from heavyweights, L&T and HDFC. The falling rupee which hit a low of Rs 62 against the dollar also affected sentiments.
The Sensex was trading lower by 54 points, while the Nifty lost 17 points in early trade. Among the early losers from the Nifty were Tata Motors, Axis Bank, ONGC and Sun Pharma.
TCS which had dropped on Tuesday gained ground and was trading marginally higher. L&T and HDFC were both trading lower ahead of their results. Nifty stocks that gained ground in trade were Tata Steel, Tata Power and Hindustan Unilever.
The Bank Nifty which had rallied substantially in trade on Tuesday lost ground. Notable losers from the space were Kotak Mahindra, ICICI Bank, Canara Bank and Yes Bank.
Realty stocks were also not having a good day in trade with notable losers being DLF and Unitech. FMCG major Colgate, which declared a mixed set of results on Tuesday was trading marginally lower on selling pressure.
IT stocks also saw some selling pressure in trade with Infosys, HCL Tech and Wipro all trading lower. Raymond was trading 1 per cent down ahead of its results later today.
Meanwhile, most of the markets in Asia were trading with gains led by a rally in the Shanghai Composite and the Taiwan Weighted.