India's benchmark BSE index loses 0.04 percent while the broader NSE index gains 0.05 percent, around 0.9 percent away from record highs hit on Tuesday as IT outsourcing companies fall on revenue concerns.
Tata Consultancy Services (TCS) falls 4.2 percent, having earlier dropped as much as 5.1 percent, after analysts cited the company as saying revenue growth could be weakening from the previous quarter. TCS declined to comment.
Investors also book profits on recent outperformers. Oil and Natural Gas Corp Ltd falls 2.2 percent after surging 18 percent since the end of January to Tuesday's close.
Still investors remain encouraged by strong overseas buying, with FIIs buying $165.7 million worth of Indian shares on Tuesday, marking a 21st session of net purchases in the previous 22.