The benchmark indices opened weaker on volatility from the domestic front as investors tread carefully ahead of exit polls data for assembly elections that will be released later in the day.
At 9.45 AM, the S&P BSE Sensex was trading at 28,870, 31.37 points lower while the Nifty50 was trading at 8,911.50, down 12.80 points.
The shares of Dr Reddy's fell nearly 3 per cent after the company received 13 observations for its Duvvuda oncology facility by the US Food and Drug Administration.
Gail was the top loser on the BSE, falling nearly 4 per cent followed by Tata Steel and Power Grid.
The top gainers of early trade included Asian Paints, Tata Motors, Maruti suzuki and Mahindra & Mahindra.
Oil prices plunged 5 per cent to their lowest levels this year on Wednesday as US crude inventories surged much more than expected to a record high, stocking concerns that a global glut could persist even as Opec tries to prop up prices with output curbs.
The IPO of Avenue Supermarts Ltd, which runs the D-Mart supermarket chain, opened to robust subscription on Wednesday with investors bidding for 1.36 times the number of shares on offer.
The 44.37 million share offering has so far garnered bids for 60 million shares.
The Rs 488-crore IPO of Music Broadcast garnered 39 times subscription.
China's Shanghai Composite was 27 points lower, Hang Seng Index plunged 233 points while Japan's Nikkei managed to garner 33 points higher.