Indian shares fell on Wednesday, heading for a fourth session of fall in five, as investors exercised caution ahead of the start of the earnings season, while sentiment was also hit by geopolitical concerns. After hitting a record high of 9,273.90 points last week, the broader NSE index has fallen about 0.9 percent as investors wait for corporate results, with Infosys Ltd due to report on Thursday.
Global markets have also been under pressure over North Korea and Syria tensions, further sapping sentiment.
"Infosys results will start giving indication of market behaviour. I think for this quarter, market will remain slightly under pressure," said RK Gupta, managing director, Taurus Asset Management Company, adding that geopolitical concerns also had an impact.
As of pm, the Sensex was down 0.52 percent or 157 points at 29,631 and Nifty was at 9,195, down 42 points or 0.45 percent.
In intraday deals, the Sensex moved in a range of 289 points and the Nifty touched high of 9,246.40 and low of 9,161.80.
Private sector lender ICICI Bank was the biggest drag on the NSE index, falling as much as 1.9 percent. India's second largest IT company which is expected to report its fourth quarter earnings tomorrow was trading on a flat note, down 0.26 percent at Rs 965.
Meanwhile, Vedanta Ltd gained as much as 3.9 percent and Cairn India Ltd rose up to 2.9 percent to its highest since Oct. 2, 2014 after Vedanta said on Tuesday it completed the buyout of Cairn India.
Shares of Petronet LNG Ltd touched a record high after Nomura analysts raised their price target on the stock to 510 rupees from 425 rupees, with a "buy" rating.