MSCI's broadest index of Asia-Pacific shares outside Japan was down about 0.2 per cent after swinging between positive and negative territory for much of the morning. "People tend to be cautious around monetary policy meetings. There is a sense of cautious approach, especially for people investing in banks," said Sudhakar Pattabiraman, head of research operations at William O'Neil India.
"Since we had a very good day at the market yesterday, there is some element of profit-booking happening."
The broader NSE Nifty was down 0.05 per cent at 10,148.30 in noon trade after hitting an all-time high of 10,178.95 earlier in the day, while the benchmark BSE Sensex was 0.01 percent lower at 32,420.77.
ITC shares fell 1 percent, making them the top drag on the NSE index, while Reliance Industries Ltd declined as much as 0.8 percent.
Allahabad Bank Ltd and Andhra Bank fell more than 1 percent each, and Oriental Bank of Commerce Ltd declined 2 percent as investors booked profit after six consecutive sessions of gains.
Tata Motors Ltd jumped as much as 4.9 percent, making it the top gainer on the NSE index, after sources told Reuters that Tata Sons would buy $312 million stake in the company.
Biocon Ltd rose as much as 3.6 percent after the drugmaker said the U.S. Food and Drug Administration completed inspection of its facility in Vishakhapatnam without any observations.
GAIL (India) Ltd gained as much as 4.3 percent after Morgan Stanley raised its rating to "overweight". Petronet LNG Ltd climbed as much as 3.3 percent to a record high after Morgan Stanley raised its target price.
(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)
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