Benchmark indices opened the day lower, as markets exercised a great deal of caution ahead of the final phase of Bihar elections.
Exit polls due at 6 pm today by the country's television channels would throw some light on which party could get a majority ahead of the counting on Nov 8.The Bihar polls are seen as crucial for the stock markets, as a NDA victory would push the government into further reforms.
Pharma shares saw some selling pressure in early trade with Sun Pharma and Lupin leading the losses.
Other Nifty stocks that lost ground were Bharti Airtel and Tata Steel.
Shares in Ashok Leyland fell almost 3 per cent even after the company's profits almost doubled in the quarter ending June 30, 2015. IDBI Bank was in the limelight on reports that the government would not be averse to merging the bank with even private lenders.
Jain Irrigation was marginally up after bagging an order from the Maharashtra government. Asian markets were trading mixed. The Shanghai Composite saw a good jump of more than 2 per cent, while the Singapore Strait Times and the Korean Kospi fell.