The Sensex and the Nifty opened the day lower in trade on profit booking in banking and select IT stocks.The Sensex was down 43 points, while the Nifty was down 19 points.
Software stocks were trading higher after Cognizant reported a good set of numbers. TCS gained one per cent in early trade, while Infosys and Wipro were marginally up.
The top Sensex losers in trade were Bharti Airtel, Bajaj Auto and Coal India. Pharma shares also saw buying support with Cipla and Sun among the gainers.
Pantaloon Retail which was up 20 per cent on Monday added another 12 per cent in trade today, following a demerger of operations with the Aditya Birla Group.
Mid cap stocks saw some buying interest with stocks like Bajaj Finance and Divis among the gainers. MindTree rallied a huge 4 per cent on a sentimental booster after the Cognizant results.
Siemens on the other hand dropped a huge 4 per cent. Kotak Bank was up ahead of its results to be declared later today.
Meanwhile, markets across Asia were subdued in trade with the Shanghai composite and the Hang Sang dropping lower.