The BSE benchmark index Sensex pared its early gains and declined by 30 points due to selling mainly in realty, capital goods, power and metal stocks in spite of firm Asian cues.
The 30-share index resumed higher at 17,761.70 points but later fell by 29.78 points or 0.17% to 17,718.91 points. It hovered in a range of 17,807.61 and 17,692.47 in morning trade.
The NSE 50-share Nifty also moved down by 16.10 points or 0.30% to 5,365.50 at 10.15 am.
Index heavyweight Reliance Industries (RIL) edged higher on reports that the company has signed a pact with France's Dassault Aviation for partnering in the defence and homeland security sector in India.
DLF, Reliance Communications (RCom) and Tata Power Company declined after reporting weak Q3 results.
Major losers were Tata Power (3.67%), DLF (2.80%), SBI (2.07%), Larsen (1.83%), Hindalco (1.57%), Wipro (1.36%), Sterlite Ind (1.28%) and Cipla (1.26%).
However, Asian markets were trading firm in the early trade as the Greek Parliament passed austerity measures required to secure fresh aid funds and avert an impending default.
Key benchmark indices in Singapore, Hong Kong, Japan, Taiwan and South Korea were up by between 0.43% to 0.73%.
At 11.51 am the Sensex was trading down by 26.94 points, or 0.15%, at 17,721.75 points.