Indian equity benchmarks pared initial losses to trade marginally higher in the afternoon trade on Wednesday as investors turned cautious ahead of the Union Budget on July 5. Asian shares declined as global trade concerns weighed on investor sentiment as Washington threatened to impose additional tariffs on $4 billion European Union goods.The benchmark BSE Sensex was up 38.31 points, or 0.10 percent, at 39,855.80, and the Nifty 50 was trading 10.70 points, or 0.09 percent, higher at 11,921. The Nifty midcap and smallcap indices gained 0.29 percent and 0.36 percent.Among the sectoral indices, banking, real estate and media advanced, while pharma, metal and auto were traded in the negative territory.IndusInd Bank, ONGC, Larsen and Toubro, Asian Paints and Indiabulls Housing Finance were among the major gainers on key indices. Eicher Motors, GAIL, Vedanta, Dr Reddy’s Leboratories and Tech Mahindra were among the top losers.Indiabulls Housing Finance remains the Nifty50 top-gainer of the day, its shares rose 4.41 percent intraday after early redemption of non-convertible debentures of face value Rs 1,00,000 each.Shares of Tourism Finance Corporation of India surged 12 percent intraday on Wednesday despite the company declaring that its total exposure to Cox and Kings was very nominal at 4.5 percent of the total loan book or around Rs 110 crore.In an exclusive interview with CNBC TV18, Nilesh Shah, Managing Director at Kotak Mahindra AMC said the bipolar nature of the market is not specific to India only, it is a global trend.Catch all the latest and live updates here on CNBC TV18 Market Live Blog. Disclaimer: CNBCTV18.com advises users to check with certified experts before taking any investment decisions.