At 10.00 am, the S&P BSE Sensex was down 110 points or 0.18 per cent at 59,617, and the Nifty was marginally down 10 points or 0.05 per cent at 17,650.
On the 30-share Sensex platform, Tata Steel, Axis Bank, L&T, M&M, Reliance, and Airtel were trading in the green. On the flip side, Infosys, HCT Tech, Asian Paints, HUL, and TCS were among the early losers.
Among the specific stocks on Nifty, Tata Steel, Adani Enterprises, Eicher Motors, L&T, and M&M were among the major gainers, while losers were Infosys (2 per cent), ONGC, Nestle India, Asian Paints, and Sun Pharma.
In the broader markets, the BSE MidCap and SmallCap indices were in green, rising up to 0.3 per cent.
Sectorwise, the Nifty IT index declined 1 per cent, and the Nifty FMCG index was down 0.56 per cent. On the other side, the Nifty Metal index was up 1.36 per cent.
Today Tata Communications, ICICI Securities, Alok Industries, and other companies will announce quarterly earnings today.
In the previous session on Tuesday, the S&P BSE Sensex closed 184 points (0.31 per cent) down at 59,727. The Nifty ended with 47 points (0.26 per cent) loss at 17,660.
In global markets, the S&P 500 gained backed by tech stocks. However, quarterly reports of Johnson & Johnson and Goldman Sachs disappointed investors. In Asia markets opened flat. The benchmark Nikkei 225 index gained marginally 0.03 per cent, while the broader Topix index added 0.02 per cent.
Oil prices rose in early trade on Wednesday signaling stonge fuel demand. Brent crude futures gained 7 cents to $84.84 per barrel. West Texas Intermediate was up 3 cents to $80.89 a barrel.
The Rupee fell 7 paise to 82.11 against the US dollar in early trade.