The BSE Sensex is down 0.38 percent and the 50-share NSE Nifty falls 0.45 percent.
Tata Motors shares fall 1.5 percent a day after the company said its October-December earnings fell 52 percent to $303 million.
Shares in DLF Ltd fell as much as 3.6 percent a day after India's largest listed real estate developer reported a net profit of 2.85 billion rupees, which missed market expectations.
Dr Reddy's Laboratories, India's No.2 drugmaker by sales, reported a larger-than-expected 29.2 percent drop in quarterly net profit as sales in its key North America market remained muted.
Bank of America Merrill Lynch downgraded its rating on Dr. Reddy's Laboratories Ltd to "neutral" from "buy". The shares were down 1.95 percent at 1837.85 rupees.
With Q3 earnings season almost over, traders speculate over whether the budget would be populist or pragmatic, in the backdrop of increasing deficit.