The BSE Sensex is down 0.23 percent and the 50-share Nifty is down 0.15 percent. Trading is expected to remain volatile as Thursday is last day of derivatives expiry when traders roll over derivatives position to February series.
ICICI Bank Ltd shares down 0.75 percent ahead of December quarter earnings. Barclays has upgraded it to 'overweight' from 'equalweight' on positive credit quality outlook.
Colgate Palmolive India Ltd shares fall 2 percent after reporting lower-than-expected volume growth at 8 percent, the lowest in the past 15 quarters.
However, Power Finance Corp Ltd shares gain 2.6 percent after reporting a sharp improvement in margins in the October-December quarter earnings.
Indexes are heading for a third straight month of gains, the longest winning run since September 2010 when indexes gained 4 months in a row.