ONGC rose 1 percent to 296 rupees. The government is selling a 5 percent stake in the country's largest oil producer at a floor price of 290 rupees a share. The one-day auction started at 9:15 a.m.

At 9:17 a.m. (0347 GMT), the main 30-share BSE index was down 0.44 percent at 17,671.8, with 17 of its components in the red.

The 50-share NSE index was fell 0.5 percent to 5,356.5.