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The Bombay Stock Exchange's 30-share index settled at 17,052.54 points, down 50.06 points or 0.29 per cent, as blue-chips Reliance Industries, SBI, Tata Steel, L&T and Tata Motors came under some selling pressure.
The National Stock Exchange's 50-share key index Nifty settled at 5101.50 points with a 23-point fall.
Analysts said the bourses worldwide are taking a breather after a sharp rally in the past few days as investors are booking profit and cashing on the gains they reaped in the last trading sessions.
"Uncertainty is still there as globally markets have rallied too fast. Instability in Eurozone is still lingering in traders' mind and they are time and again shifting investments to dollar," SMC Global VP Rajesh Jain said.
Markets were cautious on the eve of share sale programme of another PSU NMDC which opens tomorrow. "The market was a bit nervous on the back of NMDC FPO. Investors want to keep cash in hand to invest in the FPO which opens tomorrow," HDFC Securities head for private broking and wealth management Vinod Sharma said.
Shares of NMDC tanked over 6.23 per cent today.
Tata Motors was another big casualty as it lost 3.29 per cent amid reports that German truck maker Daimler would exit its holding in the company. Jaiprakash Associates at 3.57 per cent was the biggest index loser.
Markets @ 10.00 AM (PTI)
The BSE Sensex treaded water on Tuesday after climbing more than 5 percent over the past 10 days, but Tata Motors was in reverse gear after a series of block deals.
German carmaker Daimler was the seller of stock in Tata Motors, one source with direct knowledge of the transaction said, after exchange data showed large deals for more than 25 million shares.
Tata Motors fell as much as 5.9 percent, before trimming losses to 3.2 percent at 771.20 rupees by 10:02 a.m. (0432 GMT). On Monday, sources had said Daimler was selling its 5.34 percent stake in Tata Motors for up to $429 million.
The 30-share BSE index was trading up 0.01 percent at 17,103.68, with 12 of its components gaining. It had climbed to a six-week closing high in the previous session, extending a rally kicked off the national budget on Feb. 26.
"We had run up a lot after the budget. What we are seeing now is a pause," said Rajen Shah, chief investment officer at Angel Broking.
Foreign funds have poured in more than $900 million in the four sessions to March 4, latest data showed.
Non-ferrous metals producer Sterlite Industries was down 0.8 percent on softer copper prices.
Aluminium maker Hindalco and Tata Steel, the world's eighth-largest steel maker by output, dropped 1.4 percent each.
Software companies led the gainers as business momentum remained good, analysts said.
Sector leader Tata Consultancy Services was up 1.3 percent, while rivals Infosys Technologies and Wipro gained 1.2 percent and 1.8 percent respectively.
Late on Monday, Wipro Infotech, a unit of Wipro said it had received a turnkey project to set up a financial intelligence network for the finance ministry.
In the broader market, losers led gainers in the ratio of 1.2:1 on volume of 126 million shares.
Asian stocks drifted lower as investors paused in their recent chase for riskier assets.
The 50-share NSE index was down 0.1 percent at 5,119.95.
STOCKS ON THE MOVE
* NMDC fell 5.7 percent to 377.90 rupees after the government priced a follow-on sale of the state miner at 300-350 rupees a share, a 13-25 percent discount to Monday's close.
* Monnet Ispat & Energy Ltd after the steel producer said late on Monday, it was in talks with private equity firms for stake sale in unit Monnet Power Co.
MAIN TOP 3 BY VOLUME
* Tata Motors on 36.8 million shares
* Shree Ashtavianyak on 4.9 million shares
* Suzlon Energy on 1.7 million shares
Markets @ 09.00 AM (PTI)
The Bombay Stock Exchange benchmark Sensex shed over 41 points in the opening trade today,snapping the two-session winning streak as investors sold stocks to book profits at existing levels amid a mixed global trend.
The 30-share index, which gained nearly 130 points in the past two sessions, fell by 41.31 points, or 0.24 per cent to 17,061.29 points in the opening trade.
The wide-based National Stock Exchange index Nifty dipped by 17.75 points, or 0.34 per cent to 5,106.25 points.
Brokers said emergence of profit taking by funds as well as retailers and mixed trend on the other Asian bourses mainly dampened the trading sentiments.
They said a cautious approach adopted by major players, after the Sensex surged nearly 5 per cent in the past few sessions also cast its shadow on the sentiments.
Among auto stocks, Tata Motors fell sharply by 3.86 per cent at Rs 766 on fresh spell of selling after reports that the world's largest truck maker Daimler is understood to be selling off its residual stake in the company for over USD 400 million.
Stocks of the country's largest carmaker, Maruti Suzuki also succumbed to profit taking and traded 0.23 per cent down at Rs 1,474.
Other losers were Hero Honda (1.33 per cent to Rs 1,888), Sterlite Industries (0.28 per cent to Rs 810.25), Tata Steel (0.97 per cent to Rs 615.40) and DLF Ltd (1.09 per cent to Rs 313.70).
Meanwhile, Japan's Nikkei dropped 0.3 per cent while Hong Kong's Hang Seng index was up 0.30 per cent in early trade.
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