The Sensex was down 80.30 points at 38564.88, while Nifty was down 18.50 points at 11576.
Utilise the upsides in the pair to initiate short positions, says ICICIdirect.
At the MCX, gold for delivery in June traded lower by Rs 15, or 0.05 percent, at Rs 31,581 per 10 gram in a business turnover of 14,014 lots.
At the Multi Commodity Exchange, crude oil for May delivery was trading higher by Rs 30, or 0.65 per cent, at Rs 4,623 per barrel in a business turnover of 27,243 lots.
Immediate support for Bank Nifty at 29,600-29,650.
Spot gold was nearly unchanged at $1,275.10 per ounce as of 0319 GMT. U.S. gold futures were also steady at $1,277.20 an ounce.
Brent crude futures were at $74.33 per barrel at 0051 GMT, up 0.4 percent from their last close and not far off 2019 highs of $74.52 reached on Monday.
The company's total income for the quarter ended March jumped to Rs 280 crore from Rs 112.19 crore in the corresponding quarter of the previous fiscal.
The India VIX, the fear gauge for domestic equities, rose 5.76 per cent to settle at 24.05, after an intra-day high of 24.56.
US President Donald Trump said that Saudi Arabia and other members of the Organization of the Petroleum Exporting Countries (OPEC) would "more than make up" the resulting difference in the oil supply.
The board of LVB has approved the merger with IBHL in which shareholders of the bank will get 14 shares of IBHL for every 100 shares they hold.
The Trump administration on April 22 decided not to renew waiver that let countries like India buy Iranian oil without facing US sanctions.
Trump has taken a hard line on Iran, which is in confrontation both with Saudi Arabia and the chief US ally in the region, Israel.
Contracts for new expiry months in 34 securities will not be issued on expiry of existing contract months.
The Securities Issue Committee of Directors has been authorised to determine the terms and conditions of issue of FCCBs (including the tenure, coupon rate and issue price) and to open the issue of the said FCCBs.
Higher oil prices were influencing gold, said Jigar Trivedi, a commodities analyst at Mumbai-based Anand Rathi Shares & Stock Brokers.
Investor sentiment took a beating amid reports that the US will end sanctions waiver on Iranian oil imports. Reacting to reports, global benchmark Brent crude climbed to a multi-month high of $73.81 per barrel.
Here's a roundup of key happenings in the commodities market.
At the Interbank Foreign Exchange (forex), the rupee opened sharply lower at 69.78 and touched a low of 69.88 against the dollar in early trade. But it pared early losses later and rose to an intra-day high of 69.50.
The ongoing earnings season and upcoming F&O expiry are expected to fuel volatility further.
Today, USD-INR pair is expected to quote in the range of 69.40 and 69.95, says Motilal Oswal.
The United States is expected to announce on April 22 that buyers of Iranian oil need to end imports soon or face sanctions, a source familiar with the situation told Reuters, triggering a 3 percent jump in crude prices to their highest for 2019 so far.
The Sensex was down 495.10 points at 38,645.18, while Nifty was down 158.30 points at 11,594.50.
On the Multi Commodity Exchange, gold for delivery in June contracts traded higher by Rs 234 or 0.74 percent to Rs 31,697 per 10 gram in a business turnover of 13,679 lots.
At the Multi Commodity Exchange, silver for delivery in July was up by Rs 292, or 0.77 percent, at Rs 38,115 per kg in a business turnover of 4,226 lots.