Mumbai, Mar 8 (IANS): Indian equity markets traded in the negative territory during the mid-afternoon trade session on Wednesday as negative global cues and heavy selling pressure witnessed in metal, oil and gas, and automobile stocks subdued investors' sentiments.

According to market observers, investors remained cautious ahead of the assembly elections results and the outcome of the European Central Bank (ECB) monetary policy review.

The wider 51-scrip Nifty of the National Stock Exchange (NSE) slipped by 23.55 points or 0.26 per cent, to 8,923.35 points.

The barometer 30-scrip sensitive index (Sensex) of the BSE, which opened at 29,021.06 points, traded at 28,906.88 points (at 1.30 p.m.) -- down 92.68 points or 0.32 per cent from the previous close at 28,999.56 points.

The Sensex has so far touched a high of 29,022.32 points and a low of 28,815.48 points during the intra-day trade.

The BSE market breadth was tilted in skewed of the bears -- with 1,702 declines and 922 advances.

According to Dhruv Desai, Director and Chief Operating Officer of Tradebulls, the IT sector stocks faced resistance at higher levels, while banking, pharma, textile, aviation and FMCG stocks witnessed recovery.

"Auto and oil-gas stocks traded under selling pressure. Cement and power sector stocks traded with mixed sentiments due to profit booking," Desai added.

On Tuesday, The NSE Nifty fell by 16.55 points or 0.18 per cent, to close at 8,946.90 points, and the BSE Sensex was down 48.63 points or 0.17 per cent at 28,999.56 points.