Heavy selling pressure was witnessed in information technology (IT) and technology, media and entertainment (TECK) stocks.
The wider 51-scrip Nifty of the National Stock Exchange (NSE) slipped by 30.20 points or 0.35 per cent to 8,612.35 points.
The barometer 30-scrip sensitive index (Sensex) of the BSE, which opened at 28,061.79 points, traded at 27,988.08 points (at 2.30 p.m.) -- down 76.53 points or 0.27 per cent from the previous close at 28,064.61 points.
The Sensex has so far touched a high of 28,174.30 points and a low of 27,960.14 points during the intra-day trade.
In contrast, the BSE market breadth was marginally tilted in favour of the bulls -- with 1,372 advances and 1,223 declines.
On Tuesday, the benchmark indices had closed in the red on the back of negative global cues, profit booking and lower global crude oil prices.
The barometer index had closed lower by 87.79 points or 0.31 per cent, while the NSE Nifty edged down by 29.60 points or 0.34 per cent.
"Negative global markets, lower crude oil prices and caution over increased chances of a rate hike in the US subdued the Indian equity markets," Anand James, Chief Market Strategist at Geojit BNP Paribas Financial Services, told IANS.
"Profit booking was also witnessed. However, lower level value buying aided the key indices to pare some of their losses."
According to Dhruv Desai, Director and Chief Operating Officer of Tradebulls, IT stocks witnessed selling pressure, while banking and pharma stocks traded sideways to firm sentiments.
"Auto and aviation stocks showed some strength and traded with firm sentiments," Desai noted.
"Most sugar stocks traded down on the lack of buying interest at lower levels. Short covering at lower levels is likely to limit downside in Nifty and bounce back is expected from lower levels."
