The benchmark indices declined as general elections got underway on Monday.
The BSE benchmark, the Sensex was trading 91.76 points or 0.41% lower at 22,267.74 points, while the NSE's Nifty was trading 25.75 points or 0.38% lower at 6,668.60 points at 11.15 am IST.
Experts feel markets are likely to see profit-booking in the near-term. "We expect further profit booking in the near-term after prolonged positive rally. However, we continue to maintain positive view on the market in the medium term as long as the Nifty holds key near term support at 6550," Standard Chartered Securities said in its morning note.
Among sectoral indices, the BSE Realty (-1.24%), BSE Consumer Durables (-1.29%) and BSE Power (-0.68%) were the major losers. Among individual stocks, Bhel (-2.88%), Cipla (-2.10%) and ICICI Bank (-1.81%) were the major losers on the 30-share index.
Most Asian markets were under pressure. The Nikkei (-1.89%), Hang Seng (-0.68%), Kospi (-0.33%), Straits Times (-0.55%) and Taiwan Taiex (-0.36%) were trading lower.