Reuters Market Eye - The BSE Sensex was down 0.25 percent, while the 50-share Nifty NSE index also fell 0.39 percent. Fall was in line with Asian peers that hit five-week lows as investors grew edgy ahead of a European Central Bank meeting on Thursday.
Tech shares leading the fall: Infosys falls 0.52 percent, while Wipro declines 0.9 percent.
Morgan Stanley downgraded India's Axis Bank to "underweight" from "equal weight" and cut its target price on the stock to 800 rupees from 900 rupees, citing rising impairments.
Axis bank shares declines 2.5 percent, while other private lender ICICI Bank falls 1.22 percent.
