The benchmark BSE Sensex was down 0.23 per cent while the 50-share Nifty fell 0.2 per cent as of 1:45 p.m.
Brent crude oil dropped to two-year lows but rose above $95 on relief over China's PMI.
Traders were also awaiting government decision on raising gas prices by November 15.
Reliance Industries Ltd was down 1.5 per cent, Oil and Natural Gas Corp dipped 1.3 per cent while Shares in GAIL (India) fell 2.4 per cent.
Copyright: Thomson Reuters 2014