Indian benchmark indices, the S&P BSE Sensex and NSE's Nifty 50, gave up early gains and were little changed in the afternoon session on Wednesday, on the back of a selloff in stocks such as Yes Bank and Tata Motors.

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At 1330 PM, the Sensex was down 3 points, or 0.01 percent, at 37,314.01, and the Nifty 50 traded up 10 points, or 0.08 percent, at 11,231.10.

Among the key sectoral indices, Nifty financial services rose 0.54 percent followed by IT, which was up 0.51 percent. Nifty Media remained in the red zone trading lower by 3.25 percent.

Eicher Motors, Bajaj Finance, Mahindra & Mahindra, UPL and BPCL were among the major gainers, whereas Zee Entertainment, YES Bank, Tata Motors, GAIL and Grasim were the top laggards.

Yes Bank shares fell as much as 6 percent. The Reserve Bank of India has appointed former deputy governor Rama Subramaniam Gandhi as an additional director on the board of Yes Bank for two years, the bank said on Tuesday.

Zee Media shares fell over 8 percent after the media house swung to a Q4 net loss of Rs 86.66 crore against a net profit of Rs 11.52 crore in the same quarter last year.

Also, shares of Jet Airways dived nearly 7 percent on Wednesday after top executives of the struggling airline resigned. The company on Tuesday announced the departure of chief executive officer Vinay Dube, and chief financial officer Amit Agarwal with immediate effect.

Shares of Union Bank of India tanked over 8 percent after the bank reported disappointing March-quarter (Q4) earnings.

Asian markets traded higher on Wednesday. Hang Seng Index rose the most by adding 0.73 percent while Shanghai gained 1.10 percent at 2,937.36.

MSCI’s broadest index of Asia-Pacific shares outside Japan was down 0.76 percent.

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