The Sensex is down 78.24 points or 0.3 percent at 24580.99, and the Nifty slips 14.45 points or 0.2 percent at 7470.85. About 1069 shares have advanced, 1283 shares declined, and 123 shares are unchanged.
Maruti, L&T, ONGC, Axis Bank and M&M are top gainers while Hindalco, ITC, HDFC, Sun Pharma and Tata Steel are losers in the Sensex.
Gold prices were down by Rs 158 to Rs 29,940 per 10 grams in futures trade today as participants cut down their holdings, largely in line with a weak trend overseas.
Analysts said there is a weakening trend in the overseas markets where gold dropped as the dollar gained ahead of a key European Central Bank meeting this week, reducing demand for the precious metal.
Globally, gold fell 0.54 percent to USD 1,254.20 an ounce in Singapore.