Mumbai, Dec 17 (IANS): Profit bookings after a two-day relief rally subdued Indian equity markets, as a barometer index traded flat during the mid-afternoon session on Thursday.

Initially, both the bellwether indices of the Indian equity markets opened on a positive note in sync with their Asian peers, as suspense cleared on the US Federal Reserve's move on a rate hike.

Investors breathed a sigh of relief, as the US Fed's Federal Open Market Committee (FOMC) on early Thursday, India time, raised key interest rates by only 25 basis points.

The 25 basis points rise was widely expected and factored-in by investors. 

However, both the key indices ceded their initial gains as profit bookings subdued markets. 

The barometer 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE) was trading marginally higher by 28 points. 

Similarly, the wider 50-scrip Nifty of the National Stock Exchange (NSE) made slight gains during the mid-afternoon trade session. It was trading higher by 8.85 points or 0.11 percent at 7,759.75 points.

The Sensex of the S&P Bombay Stock Exchange (BSE), which opened at 25,596.63 points, was trading at 25,522.55 points (at 1.30 p.m.) -- up 28.18 points or 0.11 percent from the previous day's close at 25,494.37 points.

The Sensex has so far touched a high of 25,659.32 points and a low of 25,448.32 points during the intra-day trade.

On Wednesday, the Sensex gained by 174 points or 0.69 percent, while the Nifty rose by 50 points or 0.65 percent.