Shares of State Bank of India were trading marginally lower by 0.75%, after the bank cut its home loan and vehicle loan rates.

Hero Motor Corp lost 1.70%, after total sales came in below estimates and were down 1.5% year on year. Shares that gained in early trade were Bharti Airtel, Cairn India and TCS. Ambuja Cements was marginally down after it reported flattish July production numbers.

Asian markets were trading mixed with the Hong Kong's Hang Sang, the Chinese Shanghai Composite and Singapore's Strait Times trading lower, while the Japanese Nikkei was trading marginally up.

Meanwhile, all eyes are on the European Central Bank meeting, a press conference of which will provide information on key decisions that were taken. European markets and global markets have been rallying over the last few trading sessions on hopes that the ECB will unleash measures to help faltering economies in the eurozone region.

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