Reuters Market Eye - The 50-share Nifty is down 0.14 percent, while the benchmark Sensex is down 0.15 percent, heading for their first quarterly loss in five.
The Sensex earlier touched its lowest intraday level since November 26, 2012, while the Nifty touched its lowest intraday level since November 23, 2012.
The session has been volatile given derivatives expire at the end of the session.
Rate-sensitive shares are under pressure ahead of current account deficit data due later in the day. The RBI has said CAD will play a factor in monetary policy decisions.
Tata Motors Ltd shares fall 2.3 percent, while ICICI Bank Ltd is down 1 percent.
Broader losses in indices were capped as technology shares gain on optimism about their upcoming January-March results.
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Infosys Ltd shares gain 1 percent ahead of its quarterly earnings due on April 12. HCL Technologies gains 2.7 percent.
(Reporting by Manoj Dharra)