The Sensex and the Nifty opened the day lower weighed down by ITC, which reported numbers lower than expectations.
Among the losers in trade apart from ITC was Vedanta and Hindustan Unilever.
Banking stocks were also weak as State Bank of India fell following a downgrade by a foreign brokerage firm. Most of the other PSU banking stocks were also weak with Bank of Baroda, Bank of India and IDBI Bank among the losers.
Tata Power saw some selling pressure after reports that the company would be moved out of the index and would be replaced by Lupin Labs.
Shares in AllCargo Logistics surged after the company reported good quarterly numbers for the quarter ending March 31, 2015.
IT Stocks were having a good session in trade with Wipro, Infosys and TCS all among the gainers. Bajaj Auto which has rallied since reporting numbers gave up gains and was trading marginally lower.
Meanwhile, markets across Asia were trading with gains led by the Japanese Nikkei and the Shanghai Composite.