Sensex trims losses, down 24 points in late morning deals

The BSE Sensex trimmed early losses to trade flat in late morning deals backed by gains on pharma, banking, auto and IT counters, even as the rupee fell to a fresh all-time low against the dollar triggered by economic crisis in Turkey.

The benchmark index lost over 200 points on weak global cues and worsening trade deficit dampening investor sentiment.

However, the 30-share index pared morning gains and was trading at 37,827.68, with a marginal loss of 24.32 points at 1100 hrs.

The broader Nifty50 index also reclaimed the key 11,400 level and was down 2.65 points, or 0.02 per cent.

Major losers were Kotak Bank, Vedanta, HDFC, Wipro and HDFC Bank.

Gainers include Axis Bank, Sun Pharma, ICICI Bank, Infosys and Coal India.

Meanwhile, foreign portfolio investors (FPIs) sold shares worth Rs 378.84 crore on net basis, while, domestic institutional investors (DIIs) bought equities to the tune of Rs 391.47 crore on Tuesday, provisional data showed.

Asian markets declined, tracking overnight fall in the US market. Japan logged a bigger-than-expected trade deficit in July as the cost of energy imports surged, government data showed today.

US stocks came off intraday lows but still closed lower yesterday as worries surrounding Turkey's currency crisis and continued trade tensions weighed on investors' confidence.