Benchmark indices opened the day marginally lower as selling pressure in Reliance and ITC pulled the index down, though banks lent support.
Leading the set of losers were Idea cellular, which saw some selling pressure and profit booking after the sharp rally witnessed in the last few days.
Other Nifty stocks that lost ground were Bharti Airtel, HDFC and Mahindra and Mahindra.
Banking stocks were having a good session in trade with Punjab National Bank, Syndicate Bank, ICICI bank, IndusInd Bank and Syndicate Bank among the gainers.
Gateway Distiparks saw a smart rally in trade after reports that the company was planning to list its rail unit.
Auto shares were weak in trade with notable losers being Tata Motors and Mahindra and Mahindra.
IT shares were mixed with TCS gaining ground ahead of its results on Thursday, while Infosys was trading marginally lower.
Meanwhile, markets in Asia were trading mixed with the Shanghai Composite losing more than one per cent, while the Straits Times and Seoul Composite gained ground.