Indian shares traded volatile on Wednesday amid a mixed set of global cues and ahead of the decision of Reserve Bank of India’s monetary policy review meeting. The Monetary Policy Committee

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(MPC) of the RBI is likely to bring down the key benchmark interest rate by a quarter percentage point in its third bi-monthly policy decision later in the day, according to a poll conducted by CNBC-TV18.

The BSE Sensex dipped 28.58 points, or 0.08 percent, to 36948 in initial trade, while the Nifty was down almost 16 points, or 0.15 percent, to 10932.40. The Nifty MidCap index outperformed, rising 0.22 percent, while the banking gauge, Nifty Bank, slipped 0.15 percent.

Among sectoral gainers, IT, infra and energy indexes advanced while consumer durables, metal, telecom and auto were under pressure.

Zee Entertainment Enterprises, Yes Bank, Cipla, Bajaj Finance and IndusInd Bank surged by up to 3 percent in early trade. Indiabulls Housing Finance, Titan, Tata Steel, Bharti Infratel and Axis Bank slipped by up to 4 percent.

Indiabulls Housing Finance slipped as the mortgage lender reported a 24 percent on-year fall in its first quarter consolidated net profit.

Reliance Industries gained almost half a percent the conglomerate announced a joint venture with BP Plc for retail fuel stations and aviation fuel business on the former's existing Indian retail operations.

Top brokerage firms such as CLSA, Macquarie and Credit Suisse have cut target price on Titan shares, reducing it to Rs 1039 per share after the company changed its FY20/21 guidance.

Investors will also closely track first quarter earnings of companies such as Mahindra & Mahindra, HCL Technologies, Tata Steel, Adani Ports and Special Economic Zone, and Cipla today.

Indian automobile major Mahindra and Mahindra (M&M) is expected to post a weak set of numbers as the sector faces slowdown worries.

Tata Steel is also set to release its first-quarter financial results on Wednesday and the Street is not expecting a very great set of numbers.

Meanwhile, the rupee extended losses against the US dollar on Wednesday, after falling for past four sessions. The home currency opened at 70.98, down 11 paise from its Tuesday's close of 70.81.

Foreign institutional investors (FIIs) remained net sellers in the capital markets, pulling out Rs 2,107 crore on Tuesday, as per provisional data.

In debt markets, the yields on the 10-year government bonds were down 0.44 percent to 6.31 percent from its previous close of 6.34 percent. Bond yields and prices move in opposite directions.

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Disclosure: Network18, the parent company of CNBCTV18.com, is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.