Indian shares traded flat in the afternoon session on Wednesday as investors turned cautious ahead of the Lok Sabha election results on Thursday. Muted trades in Asia and Europe also dented investor sentiment. At 12:28 PM, the Sensex was up 94.34 points or 0.24 percent, at 39,064.14, while Nifty50 was up 19.60 points or 0.17 percent at 11,728.70.

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Nifty realty was the best performing sector followed by Nifty Financial Services, Nifty Private Bank while Nifty FMCG declined the most along with Nifty Media, Nifty IT and Nifty Auto along with others.

BPCL, Sun Pharma, ICICI Bank, UPL, L&T and Indian Oil Corporation were among the major gainers on the Nifty50, whereas Indiabulls Housing Finance, Tech Mahindra, ITC, IndusInd Bank and YES Bank led losses.

Shares of Dewan Housing Finance Corporation (DHFL) plunged nearly 18 percent after the company said it has stopped taking fresh deposits and placed renewals on-hold.

Jet Airways shares advanced for the second straight day on Wednesday and rose over 8 percent after Hinduja Group reportedly showed interest in buying a stake in the debt-ridden airline. The group is expected to meet Etihad Airways for further discussions this week, reported CNBC TV18, citing sources.

DLF's share price surged nearly 6 percent on robust Q4 earnings and lower debt. The company reported a 76 percent jump in its consolidated net profit at Rs 436.56 crore for the quarter ended March on higher sales, compared to a net profit of Rs 247.73 crore a year ago.

Meanwhile, Asian stocks struggled for traction on Wednesday, as relief over Washington's temporary relaxation of curbs against China's Huawei Technologies failed to offset deeper worries about an intensifying trade war between the world's two largest economies.

MSCI's broadest index of Asia-Pacific shares outside Japan moved in and out of the red and was last 0.1 percent higher. In opening European trade, the pan-region Euro Stoxx 50 futures were down 0.03%, Germany's DAX futures were up 0.01% and Britain's FTSE futures were up 0.28%.

(With inputs from Reuters)

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