The safe bet NSE Nifty 50 index was down 1.16% at 17,551.2 0354 GMT, while the S&P BSE Sensex fell 1.18% to 58.7641.7, its lowest levels since early January.
The indices are on course for weekly losses of around 4% each.
The Nifty IT index fell 2% as Infosys lost 2.5% to its lowest level since mid-December, while the Nifty Bank index lost 1.7%.
Meanwhile, Shoppers Stop jumped 17.6% to its highest level since July 2019 after the department store chain posted a third-quarter profit.
Reliance Industries, JSW Steel, HDFC Life Insurance and SBI Life Insurance slipped before their results were released.