The 30-share Sensex was trading 0.14% or 31.25 points lower at 21,903.58 points, while the Nifty was trading 0.17% or 11.20 points lower at 6,522.25 points, at 11.30 am IST.
IIP or Index of Industrial Production for the month of January would be released on Wednesday.
Experts feel markets could make a new high. "Markets could open flat and could be in sight of making a new high. Immediate support for Nifty is at 6450, while resistance is at 6590 levels," HDFC Securities said in its morning note.
Among sectoral indices, the BSE Metals (-2.64%), BSE Oil & Gas (-0.30%) and BSE Realty (-0.37%) were the major losers. Among individual stocks, Tata Steel (-3.80%), Hindalco (-3.32%) and Sesa Sterlite (-2.82%) were the major losers.
Meanwhile, most Asian indices were trading in the green. The Nikkei (0.51%), Hang Seng (0.15%), Kospi (0.34%), Straits Times (0.42%) and Taiwan Taiex (0.43%) were trading higher.