The BSE index falls 0.02 percent and the 50-share NSE index is down 0.1 percent.
Shares on the back foot after industrial output in December contracted 0.6 percent, the government said on Tuesday, compared with expectations of growth of 1.1 percent.
The data also showed consumer price inflation accelerated to 10.79 percent in January from the previous month.
ICICI Bank is down 0.6 percent, while State Bank of India falls 0.5 percent after the CPI data.
Larsen & Toubro Ltd is down 0.4 percent after IIP numbers while Jindal Steel & Power Ltd falls 1.4 percent ahead of its October-December earnings later in the day.
Shares in India's state-run Oil and Natural Gas Corp Ltd rose 2 percent a day after its October-December net profit beat market expectations.