Mumbai, Feb 28 (IANS): Global cues -- especially the prospects of higher interest rates in the US -- subdued the Indian equity markets during the afternoon trade session on Wednesday.

Market observers said the domestic equity indices mimicked their Asian peers which traded in the red following US Federal Reserve Chairman Jerome Powell's comments on the rate hike trajectory.

At 2.00 p.m., the barometer 30-scrip Sensitive Index (Sensex) of the BSE traded at 34,132.48 points -- down 213.91 points, or 0.62 per cent, from its previous close of 34,346.39 points.

Similarly, the wider Nifty50 of the National Stock Exchange (NSE) edged lower during the trade session. It receded by 74.95 points, or 0.71 per cent, to close atA 10,479.35 points.

In the intra-day, the S&P BSE Sensex touched a high of 34,214.86 points and a low of 34,076.45 points.

"Equity markets cooled off following the US Fed Chairman's statement about rate rise in the US and on Asian markets' cues," Dhruv Desai, Director and Chief Operating Officer of Tradebulls, told IANS.