The Shockers (27-4) won their season-high ninth straight and will play Northern Iowa or Illinois State on Saturday for a spot in the championship.
Wichita State, which won the regular season title with a 16-2 mark, is looking for its first MVC tournament championship since 1985.
Eighth-seeded Indiana State (18-14) missed 20 of its first 22 shots. Dwayne Lathan and R.J. Mahurin led the Sycamores with nine points each.
The Shockers hit on nine of their first 12 shots on the way to a 20-3 lead after 8:13.
Ragland connected on six of eight shots from the floor and had five assists. Murry scored eight successive points in just under three minutes to push the lead to 32-7 with 4:42 left in the half.
The Sycamores went on a 9-0 run at the start of the second half before Ragland hit a 3-pointer.
Wichita State, seeded No. 1 for the first time since 2006, is looking for its third MVC title.
The Shockers have recorded three winning streaks of eight games or more this season. They have won nine of their last 10 against Indiana State, including three this season.
Indiana State eliminated Wichita State in the semifinals of the tournament last season.
Wichita State won its first regular season title since 2006. ... Stutz has 11 double-doubles this season, nine against MVC foes. ... Indiana State has won 17 or more games each of the last three seasons for the first time since the Larry Bird era (1977-79). The MVC has two teams in the Top 25 for the first time. Creighton is ranked No. 25. ... The Shockers are an NCAA-best 19-3 on the road since the beginning of last season
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