Mumbai, Jun 7 (IANS): The Indian equity markets traded on a flat note during the mid-afternoon session on Wednesday as investors were cautious ahead of the outcome of the Reserve Bank of India's (RBI) Monetary Policy Committee (MPC) meet due later in the day.

However, a better-than-expected monsoon forecast by the India Meteorological Department (IMD), coupled with healthy buying in healthcare, consumer durables and automobile sectors, kept market sentiments buoyed.

At 12.45 p.m., the Nifty of the National Stock Exchange (NSE) traded flat at 9,636.75 points.

The 30-scrip Sensitive Index (Sensex) of the BSE, which opened at 31,252.71 points, traded at 31,199.28 points -- up a mere 8.72 points or 0.03 per cent from its previous close at 31,190.56 points.

It touched a high of 31,346.99 points and a low of 31,178.77 points during intra-day trade.

The BSE market breadth was bullish -- with 1,376 advances and 1,064 declines.

"The IMD revised upward its initial monsoon forecast and said it is likely to be better than expected earlier, which investors cheered," Dhruv Desai, Director and Chief Operating Officer of Tradebulls, told IANS.

"Auto, FMCG and healthcare stocks shone, whereas IT sector traded in negative after yesterday's positive movement."

On Tuesday, the key equity indices slipped from their fresh intra-day highs and closed in the red on the back of profit-booking and negative global cues.

The NSE Nifty crossed the 9,700 mark for the first time to touch a intra-day new high of 9,709.30 points. The BSE Sensex, too, touched a fresh intra-day high of 31,430.32 points.