Benchmark indices opened the day lower in trade, with the mood largely tentative, given the Monetary Policy by the RBI due later today.
The Sensex was trading lower by 104 points, while the Nifty dipped 32 points in trade. A price in oil prices, led to a decline in the US markets, which also saw Asian markets falling in early trade.
Banking stocks were witnessing a weakish trend ahead of the RBI policy. ICICI Bank, Canara Bank, State Bank of India and Punjab National Bank were among the losers in trade.
Other rate sensitives like autos also lost ground with Mahindra and Mahindra, Eicher Motors and Maruti among the early losers in trade.
Vedanta, Tata Motors, ONGC Hindalco and State Bank of India were among the early losers in trade.
Pharma stocks were seeing good traction with Dr Reddy's and Sun Pharma among the early gainers in trade.
Infibeam, which had listed on Monday, continued to gain ground. The stock was up 2 per cent in early trade.
Biocon, was one of the biggest gainers from the midcap space with the stock gaining almost 5 per cent in trade. Meanwhile, the rupee opened trade at 66.21 to the dollar.
A 50 basis points cut by the RBI , may fuel a rally in the rupee against the dollar.