Mumbai, May 24 (IANS): The Indian equity markets traded on a flat-to-negative note during the mid-afternoon trade session on Wednesday on the back of mixed global cues and heavy selling pressure in metal, healthcare and capital goods stocks.

Besides, a flat rupee, coupled with caution ahead of derivatives expiry, capped gains.

Around 1.10 p.m., the wider 51-scrip Nifty of the National Stock Exchange (NSE) traded below its psychologically important 9,400-mark. It fell by 27.75 points or 0.30 per cent to 9,358.40 points.

The 30-scrip Sensitive Index (Sensex) of the BSE, which opened at 30,446.77 points, traded at 30,301.55 points (at 1.10 p.m.) -- down 63.70 points or 0.21 per cent from its previous close at 30,365.25 points.

The Sensex has so far touched a high of 30,534.15 points and a low of 30,298.28 points during intra-day trade.

The BSE market breadth was bearish -- with 1,750 declines and 741 advances.

"Oil-gas and aviation sector stocks complemented the firmness of the equity markets. Banking stocks traded with mixed sentiments on short covering," Dhruv Desai, Director and Chief Operating Officer of Tradebulls, told IANS.

On Tuesday, the Nifty closed at 9,386.15 points -- down 52.10 points or 0.55 per cent, while the Sensex tanked over 200 points or 0.67 per cent to close at 30,365.25 points.