Indian shares erased opening gains to trade lower on Tuesday on the back of selling pressure in banks and oil stocks.
At 0550 GMT, the S&P BSE Sensex fell 0.53 percent to 32,104 while the broader NSE Nifty lost 0.54 percent to 10,002.
Oil and gas stocks led the losses. Indian Oil fell 2.5 percent, Bharat Petroleum lost 2 percent while ONGC declined 1 percent.
Among the financials, Punjab National Bank, State Bank of India and Yes Bank dropped between 1.6 percent and 2 percent.
Polaris Consulting & Services lost 3.6 percent after the company reported a near 24 percent decline in its net profit in June quarter.
Bharti Infratel fell 4 percent after a huge block deal.
Metal stocks gained. Tata Steel advanced 2.2 percent after the company swung to a profit in the June quarter.
Others such as Hindustan Aluminium, Nalco and Vedanta, witnessed intense buying, rising up to 6 percent.
Market breadth was in the favour of losers, with about 2 stocks declining to every 1 stock that advanced.
Meanwhile, Asian stocks took a breather close to the highest since 2007 after a subdued U.S. session.
MSCI's broadest index of Asia-Pacific shares outside Japan gave up modest early gains to be barely changed, though it was still within a whisker of its recent decade high.
