The Indian equity benchmark indices turned negative around noon on Thursday after domestic investors were done with grabbing the beaten-down stocks. The Sensex was trading at 37,831.64, down 16.01 points or 0.03 percent, at 12:23 PM and the Nifty was trading lower by 8.10 points or 0.07 percent at 11,263.20.

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In the broader market, the Nifty Midcap 100 and the Nifty Smallcap 100 index were trading higher by 0.10 percent.

Bharti Infratel, Cipla, IndusInd Bank, Zee Entertainment and Dr Reddy's Laboratories were among the top gainers in the afternoon session while Coal India, Tata Motors, Reliance Industries, M&M and BPCL remained the top laggards.

Nifty PSU Bank was leading among the declining sectors followed by Nifty Metal and Nifty Auto.

Shares of Shriram Transport Finance Company surged as much as 9 percent to a day’s high of Rs 1,010 after the company reported an 11 percent rise in June-quarter net profit.

Cox & Kings shares declined to their lowest level since 2009 on Thursday after the company defaulted on the commercial papers worth Rs 174 crore.

Meanwhile, Asian shares rose after a cautious start, while the euro hovered near two-month lows as soft economic data fuelled hopes the European Central Bank could cut rates at its meeting on Thursday.

MSCI's broadest index of Asia-Pacific shares outside Japan, which had begun the day broadly unchanged, was last up 0.23 percent.

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