Reuters Market Eye - The Sensex and the Nifty were volatile in morning trade, after earlier hitting its highest in three months.
Blue chips such as Reliance Industries Ltd retrace after about 9 percent gain in the benchmark index since mid-April.
Reliance Industries falls 0.8 percent, while Tata Motors Ltd is down 1.5 percent.
However, software services exporters gain after Cognizant Technology Solutions Corp forecast current-quarter revenue above market expectations after posting an 18 percent rise in the first quarter.
Infosys Ltd gains 0.5 percent, while Tata Consultancy Services Ltd rises 1.1 percent and HCL Technologies Ltd is up 1.9 percent. U.S.-listed Cognizant rose 3.3 percent.