The Sensex and the Nifty traded lower as heavyweight, Reliance Industries and ICICI Bank dragged the benchmark indices lower after seven successive days of gains.
The Sensex was trading lower by 214 points, while the Nifty was down 52 points in trade. Leading the set of losers apart from ICICI Bank and Reliance Industries were stocks like Wipro and ITC.
Shares in SpiceJet gained a huge 12 per cent after the CCI gave an approval to the company for Ajay Singh's fund infusion.
Shares in sugar companies were up as the Union cabinet cleared the subsidy for raw sugar exports. Stocks like Bajaj Hindustan, Banari Amman and Dhampur Sugar Mills were trading higher.
Among the few Nifty stocks that gained in trade were DLF, Jindal Steel and Power, Hindalco Industries, Bharat Heavy Electricals and Tata Steel.
Meanwhile, most of Asia was trading with gains led by the Japanese Nikkei, Singapore Strait Times and the Korean Kospi.