The benchmark S&P BSE Sensex slipped 90 points, or 0.2 percent, to 58,762 in early trade, while the broader NSE Nifty index was down 28 points, or 0.2 percent, at 17,496.
JSW Steel fell 1.2 percent despite reporting a 14 percent year-on-year growth in its crude steel output in July 2022.
Infosys, Adani Ports, Wipro and Bajaj Finance gave up 1-2 percent while SBI Life, Nestle India, ICICI Bank and Sun Pharma rose 1-2 percent.
Bharti Airtel gained 1 percent. The telecom major reported a 467 percent year-on-year jump in consolidated net profit for the June quarter, aided by subscriber additions and a higher revenue per user.
HDFC declined 0.6 percent after hiking lending rates.
HDFC Bank was down 0.7 percent. The NHB has granted its no-objection to HDFC-HDFC Bank merger scheme.
Power transmission firm Power Grid Corp rose half a percent on reporting a 37 percent fall in Q1 profit on a consolidated basis.
Natco Pharma was down 0.6 percent despite the company reporting a multi-fold rise in Q1 consolidated net profit on higher revenue from the pharmaceutical vertical.
Tech Mahindra dropped 0.7 percent after it acquired entire stakes in its two South African joint ventures -- Tech Mahindra South (Pty) Limited and Tech Mahindra Holdco Pty Ltd -- for about Rs 30 crore.