Mumbai, Feb. 5 -- The headline equity benchmarks traded near the flat line with some negative bias in early afternoon trade as the Reserve Bank of India (RBI) began its three-day monetary policy meeting. Investors remain cautious, awaiting a widely anticipated rate cut aimed at boosting growth. With global trade uncertainties in the backdrop, all attention is focused on the RBI's decision, which is set to be announced on Friday. The Nifty traded below the 23,750 mark. Media shares extended gains for the second consecutive trading session.

At 12:30 IST, the barometer index, the S&P BSE Sensex, declined 139.86 points or 0.21% to 78,443.95. The Nifty 50 index shed 2.75 points or 0.01% to 23,736.50.

The broader market outperformed the headl...