Benchmark indices were trading marginally lower on weak global cues with IT stocks dropping following quarterly numbers from TCS, which lagged estimates.
The Sensex was trading with losses of 57 points, while the Nifty fell 18 points in early trade. Apart from IT stocks, banking stocks were also weak.
Bank of Baroda continued to be weak following the arrest of persons connected with the alleged money laundering. The stock lost one per cent in early trade.
Most other banking stocks were trading weak. Metal stocks which have seen a solid rally in the past few days continued to gain ground in trade. Tata Steel and Hindalco were the major gainers from the space.
Midcaps were also having a weak session in trade with stocks like Development Credit Bank, hitting the lower end of the circuit filter of 20 per cent.
Just Dial and Page Industries were the other mid cap stocks that lost ground in trade. Meanwhile, markets across Asia were trading with losses led by the Shanghai Composite and the Japanese Nikkei. Poor data from China had an adverse impact on these markets.