Private lenders Axis Bank, IndusInd Bank and ICICI Bank gained by 3.6 per cent, 3 per cent and 2 per cent respectively while IT majors Tech Mahindra, Infosys and HCL Technologies were up by 4.2 per cent, 3.5 per cent and 2.5 per cent.

MSCI's broadest index of Asia Pacific shares outside Japan fell by 1.2 per cent while Japan's Nikkei retreated from a one-month high and dropped by 0.8 per cent.

At 10:15 am, the BSE S&P Sensex was down by 36 points or 0.1 per cent at 36,702 while the Nifty 50 edged lower by 8 points or 0.07 per cent at 10,806.

Among stocks, Hindalco gained by 5.1 per cent to Rs 163 per share. Tata Steel moved up by 3 per cent, Vedanta and JSW Steel by 2.2 per cent each.

Metal stocks were up with JSW Steel moving up by 3.2 per cent, Tata Steel by 1.8 per cent and Hindalco by 1.7 per cent. However, among the losers were Axis Bank, ICICI Bank, Adani Ports, Infosys and Maruti Suzuki.

Most sectoral indices at the National Stock Exchange were in the red except for Nifty private bank which moved up by 2.6 per cent, IT by 2 per cent and financial service by 1.5 per cent.

The Hang Seng index in Hong Kong led gains among the region's major markets, rising 1.6 per cent. Japan's Nikkei rose by 0.65 per cent and South Korea's Kospi was up by 1.03 per cent.

BSE launched the first 'options in goods' contracts on Gold mini and Silver kg based on spot prices from June 1, 2020. These contract are converted in to physical delivery on expiry.

The other prominent gainers were UPL, ICICI Bank, NTPC, Britannia and HDFC. Among those in the red zone were Sun Pharma, Dr Reddy's, Tata Consultancy Services, Infosys, GAIL and Power Grid Corporation.

At 10:15 am, the BSE S&P Sensex was down by 431 points or 1.23 per cent at 34,740 while the Nifty 50 edged lower by 130 points or 1.25 per cent at 10,253.