Indian Equity indices cede gains to trade flat

The key Indian equity indices ceded major gains made earlier in the day to trade on a flat-to-positive note during the afternoon session on Wednesday.

Market sentiment was subdued due to broadly negative global cues along with inflationary risks on the back of higher crude oil prices. The retail inflation data, the Consumer Price Index, is scheduled later in the day.

Further, the rupee continued to slide on Wednesday and touched a fresh low of 72.91 during the morning session which eroded the domestic investor sentiment.

The market, however, was supported by value buying after the indices had dropped significantly in the last two trading sessions.

At 1.15 p.m., the wider Nifty50 on the National Stock Exchange traded at 11,289.65 points, higher by 2.15 points or 0.02 percent from its previous close.

The S&P BSE Sensex, which had opened at 37,546.42 points, traded at 37,459.33 points, higher by 46.20 points or 0.12 percent than the previous close of 37,413.13 points.

So far, it has touched an intra-day high of 37,638.16 points and a low of 37,342 points.