The broader NSE Nifty was down 0.37 percent at 9,618.25 as of 0600 GMT, while the benchmark BSE Sensex was 0.25 percent lower at 31,219.12.
On Tuesday it closed at 31,297.53 points.
The BSE 30-share barometer touched a high of 31,392.53, but settled at 31,297.53, down by 14.04 points, or 0.04 percent. It had gained 255.17 points in the previous session. Shanghai composite inched up 0.04 per cent.
Asian shares were also up, with Japan's Nikkei rising more than 1 percent to a near two-year high, tracking gains in USA hi-tech shares as investors bet on solid growth in the economy and corporate profits globally.
"Tata Motors shares rallied intra-day on buzz of initial public offering of Jaguar Land Rover that was bought by the company in 2008 for $2.4 billion", said Dhruv Desai, Director and Chief Operating Officer of Tradebulls.
Oil prices slip as US rigs rise, demand growth falters
The report from Baker Hughes shows that the numbers of operating rigs in the United States rose for the 22nd consecutive week. US crude oil production is projected to increase through 2018, averaging 9.3 million b/d in 2017 and 10.0 million b/d in 2018.
Major Sensex losers were: Power Grid, down 2 per cent at Rs 208.15; Lupin, down 1.63 per cent at Rs 1,112.35; Axis Bank, down 1.56 per cent at Rs 511.80; HDFC, down 1.22 at Rs 1,633.45; and Hero MotoCorp, down 1.02 per cent at Rs 3,786.85.
Plummeting oil prices put Asian investors on edge, overshadowing a decision by USA index provider MSCI (MSCI.N) to add mainland Chinese stocks to its global emerging markets benchmark index.
Meanwhile, FIIs sold shares worth Rs 250.39 crore, while domestic institutional investors bought shares to the tune of Rs 529.90 crore in yesterday's trade, as per provisional data. On the other hand, metal index fell the most by 1.22 per cent, oil & gas 0.83 per cent, auto 0.69 per cent and PSU 0.67 per cent.
In the Euro zone, Paris, London and Feranfurt stock exchanges were up in early session.
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