Mumbai, Aug 31 (IANS): The key Indian equity indices ceded all their gains made earlier in the day to trade in the negative territory during the afternoon session on Friday as the rupee plunged further, along a with decline in the global indices.

The Indian currency earlier in the day touched its lowest-ever mark of 71 per US dollar, which dampened the domestic investor sentiments.

Further, major Asian and other global indices traded on a negative note after US President Donald Trump in an interview threatened to pull out of the World Trade Organisation if the body "doesn't shape up".

According to analysts, heavy selling pressure was witnessed in banking stocks, followed by oil and gas stocks and metal counters.

At 1.22 p.m., the wider Nifty50 on the National Stock Exchange traded at 11,658.10 points, lower by 18.70 points or 0.16 per cent from its previous close of 11,676.80 points.

The benchmark S&P BSE Sensex, which had opened at 38,704.84 points, traded at 38,611.93 points, lower by 78.17 points or 0.20 per cent from its previous close of 38,690.10 points.

So far, it has touched an intra-day high 38,838.45 points and a low of 38,562.21 points.

The top gainers on the Sensex were Sun Pharma, Wipro, IndusInd Bank, NTPC, Power Grid and Infosys, while Yes Bank, Reliance Industries, Vedanta, Mahindra and Mahindra, Bharti Airtel were the major losers so far.