Mumbai: Amid further fall in the rupee and weak global markets, the key Indian equity indices pared all its initial gains made during the morning session to trade in the red on Wednesday afternoon.
The benchmark S&P BSE Sensex lost over 200 points to trade below the psychological mark of 38,000 points.
According to market observers, heavy selling pressure was witnessed in consumer durables, banking, and capital goods stocks.
Globally, markets broadly traded on a negative note due to the persistent trade tensions.
At 12.28 p.m., the wider Nifty50 on the National Stock Exchange traded at 11,442.65 points, lower by 77.65 points or 0.67 percent from the previous close.
The BSE Sensex, which had opened at 38,192.95 points, traded at 37,932.74 points, lower by 225.18 points or 0.59 percent from the previous close of 38,157.92 points.
So far, it has touched a high of 38,250.61 points and a low of 37,924.23 points.
The top gainers on Sensex were Yes Bank, ITC, Wipro, Sun Pharma, and Bajaj Auto, while Tata Motors (DVR), Coal India, Tata Motors, Kotak Mahindra Bank and ONGC lost the most.