Mumbai Aug 29 (IANS) Broadly negative global cues along with a weak rupee subdued the Indian equity market during the late-afternoon trade session on Wednesday.
Heavy selling pressure was witnessed in the IT energy and consumer durable stocks.
At 2.30 p.m. the wider Nifty50 on the National Stock Exchange traded at 11 711.75 points lower by 26.75 points or 0.23 per cent from its previous close.
Similarly the S&P BSE Sensex traded in the red. It opened at 38 989.65 points traded at 38 823.09 points lower by 73.54 points or 0.19 per cent from its previous close of 38 896.63 points.
On the currency front high global crude oil prices and a rise in US dollar demand pulled the Indian rupee to a fresh record low.
However at 2.05 p.m. the rupee recovered to 70.50-51 after it had plunged to 70.55 -- the lowest ever mark -- against the greenback on the back of an apparent intervention by the Reserve Bank of India (RBI).
On Tuesday supported by firm global cues both the S&P BSE Sensex and the NSE Nifty50 touched their respective record intra-day highs of 38 938.91 points and 11 760.20 points before ending the day s trade at record closing levels.

--IANS rv/in