Sensex Close to Erasing Gains Since PM Modi Came to Power

Mumbai: The BSE Sensex rebounded after falling to its lowest since early June on Tuesday and was close to giving up its gains made since Narendra Modi was sworn in as Prime Minister, as global markets remained under pressure.

Indian shares, along with other emerging market indexes, have been hit hard by a global rout sparked in China.

The BSE Sensex is down 17.1 per cent from a record high touched in early March and only about 1 to 1.5 percentage points away from the levels it was trading at in late May.

PM Modi swept into office promising rapid economic transformation but political differences and the ruling party's minority position in the upper house have led to little progress on key reforms such as a pro-business land bill.

The Sensex was down 0.16 per cent at 10:50 a.m.

The broader 50-share Nifty was up 0.19 per cent, after earlier hitting its lowest since July 16, 2014.