Reuters Market Eye - The BSE Sensex falls 0.1 percent, and the 50-share NSE index <.NSEI> also down 0.07 percent.
Shares in Cipla Ltd fall 1.8 percent, a day after the company's October-December net profit missed estimates.
Morgan Stanley and CLSA also downgrade their ratings on Cipla, citing lower-than-expected margins and earnings outlook.
State-run power utility NTPC Ltd's shares fell 1.2 percent after the floor price of its share sale, scheduled later in the day, was set at 145 rupees, or a 4.5 percent discount to its Wednesday's close.
Investors continue to remain cautious ahead of the 2013/14 budget to be announced later this month, which is seen as a key test of commitments to shore up finance.
(Reporting by Abhishek Vishnoi)
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