Indian equity benchmark indices turned flat on Wednesday afternoon after Reserve Bank of India (RBI) cut repo rate by 35 basis points. Sensex and Nifty50 remained in green due to the gains in media and IT stocks.

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The RBI's monetary policy committee (MPC) cut key repo rate by 35bps to 5.40 percent while its stance was retained at 'accomodative'. This is the fourth straight cut since RBI governor Shaktikanta Das took office in December 2018.

At 12:30 pm, the BSE Sensex was trading at 37,0.46.56, higher by 69.71 points or 0.19 percent while the NSE Nifty50 was at 10,957.55, trading higher by 8.35 points or 0.08 percent.

Nifty Media traded higher by 3.26 percent followed by Nifty IT which rose 1.16 percent during Wednesday afternoon trade.

Zee Entertainment, YES Bank, IndusInd Bank, Cipla and Hero MotoCorp were the top-gainers while Indiabulls Housing Finance, Tata Steel, BPCL, Titan and M&M remained the top laggards.

Shares of Indiabulls Housing Finance slipped 8.54 percent intraday on Wednesday after the company reported disappointing Q1FY20 earnings.

Shares in Asia fell for an eighth straight session on Wednesday on lingering worries over the escalating US-China trade war, but losses and nerves were soothed somewhat by the White House assurances that it wants to press ahead with negotiations.

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