Mumbai, May 17 (IANS): After a day of stellar gains, Indian equity markets traded on a flat note during the mid-afternoon session on Wednesday as investors booked profits.

According to market observers, investors were cautious ahead of the two-day Good and Services Tax (GST) Council's meet that starts on Thursday.

Besides, weak global cues and selling pressure in consumer durables and IT stocks capped gains.

The wider 51-scrip Nifty of the National Stock Exchange (NSE) traded at 9,505.15 points -- down 7.10 points or 0.07 per cent.

On the other hand, the 30-scrip Sensitive Index (Sensex) of the BSE, which opened at 30,616.53 points, traded at 30,586.44 points (at 1.00 p.m.) -- up a mere 3.84 points or 0.01 per cent, from its previous close at 30,582.60 points.

The Sensex has so far touched a high of 30,642.94 points and a low of 30,519.14 points.

The BSE market breadth was bearish -- with 1,402 declines and 1,147 advances.

"Both the indices struggled to maintain its last session's momentum, with investors shifting focus to taking profit. Investors remained cautious ahead of a crucial GST panel meet in Srinagar starting tomorrow," Dhruv Desai, Director and Chief Operating Officer of Tradebulls, told IANS.

"Appreciation of the rupee against the US dollar supported the equity markets at lower levels in morning trades. Most banking sector stocks currently traded with bearish sentiments on profit booking."

On Tuesday, the benchmark indices touched fresh closing as well as intra-day highs as positive global cues, along with healthy macro-economic data and expectation of a normal monsoon, buoyed investors' sentiments.

The NSE Nifty closed at a new high of 9,512.25 points and an intra-day high of 9,517.20 points. The BSE Sensex closed at a fresh high of 30,582.60 points and intra-day high of 30,591.55 points.