Profit booking in Infosys pulled benchmark indices lower with the Sensex dropping 63 points, while the Nifty fell 19 points in trade.
Banking stocks continued to exhibit a weakish trend with ICICI Bank and Axis Bank among the losers. HDFC Bank which reported results which were slightly below expectations, saw some selling pressure in early trade.
PSU banking stocks were weak with Canara Bank and Punjab National Bank seeing selling pressure. Shares in Bharti Airtel saw some profit booking after the company said that it had no plans to exit the African business.
Lupin which saw some profit booking in trade on Tuesday along with Sun Pharma was trading higher. Cipla and Dr Reddy's were the other gainers from the pharma space.
Hindustan Unilever, which dropped following a disappointing set of numbers on Tuesday was trading higher by nearly 2 per cent.
Meanwhile, markets across Asia were lower following weak closings in the US. The Singapore Strait Times and the Hang Sang were the major losers.