Indian benchmark equity indices, the BSE Sensex and the NSE Nifty50, were trading lower in the afternoon session on Friday, after the Reserve Bank of India (RBI) reduced FY20 gross domestic product growth forecast to 6.1 percent from 6.9 percent.

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The RBI slashed repo rate for the fifth consecutive time by 25 basis points to 5.15 percent with all members of the Monetary Policy Committee voting in favour of repo rate cut along with continued accommodative stance to revive growth.

The 30-share benchmark S&P BSE Sensex was trading 396.86 points lower, down 1.04 percent, at 37,710.01 at 1:51 pm. The broader 50-share NSE Nifty50 was trading lower by 126 points, or 1.12 percent, at 11,187.30.

Broader market indices were also under pressure with the Nifty MidCap 100 down by 0.19 percent around 12:20 pm. The Nifty SmallCap 100 also fell 0.24 percent. Among Nifty sectors, bank, FMCG, media and private bank declined while IT and pharma advanced with marginal gains.

Among top index gainers, Cipla, ONGC, HDFC, Wipro, Infosys, NTPC and IndusInd Bank gained by up to 2 percent. ZEEL, BPCL, Kotak Mahindra, ITC, Grasim, Kotak Mahindra, HDFC Bank, Power Grid and Yes Bank declined by up to 3 percent.

Shares of Adani Green Energy rose nearly 7 percent on Friday to an over one-year high of Rs 65.20 after an ET report said the company has raised $362.5 million through dollar bonds as it aims to refinance its existing debt and support capital expenditure. The stock rose for the second day and has gained over 15 percent in two trading sessions.

Zee Entertainment Enterprises ltd (ZEEL) shares touched an intra-day low of Rs 238.75 on Friday after global brokerage firm Morgan Stanley cut its target price for the stock by 33 percent to Rs 248, while retaining its "underweight" stance.

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