The S&P BSE Sensex index fell as much as 91.37 points to 36,885.48 in early trade, and the broader NSE Nifty benchmark moved to 10,913.40, down 34.85 points from the previous close. Gains in information technology and pharmaceutical stocks were offset by weakness in banking and financial services counters.
At 9:39 am, the Sensex traded 13.62 points - or 0.04 per cent - higher at 36,990.47, while the Nifty was down 10.45 points - or 0.10 per cent - at 10,937.80.
Top percentage laggards on the 50-scrip index at the time were Indiabulls Housing Finance, Titan, Tata Steel, JSW Steel and Mahindra & Mahindra, struggling with losses of between 1.54 per cent and 7.61 per cent.
On the other hand, Zee Entertainment, Yes Bank, Wipro, Hero MotoCorp and IndusInd Bank - trading between 1.40 per cent and 5.65 per cent higher - were the top gainers.
Infosys, Hindustan Unilever and Reliance Industries contributed the most to the upmove in Sensex, whereas HDFC, Kotak Mahindra Bank and HDFC Bank were the biggest drags.
The Sensex and Nifty had ended 0.75 per cent and 0.79 per cent higher respectively on Tuesday, rebounded from a sharp selloff the previous day.