Mumbai, Oct 3 (IANS): Amidst a weak rupee and a likely hike in interest rates by the Reserve Bank of India (RBI), the key Indian equity indices closed in the red on Wednesday, with the S&P BSE Sensex closing 550 points lower, and the Nifty50 below the 11,000-mark.

Earlier in the day, the Indian rupee slipped to 73.42 per US dollar -- the lowest-ever -- against the greenback at the Inter-Bank Foreign Exchange Market.

However, it recovered 24 paise to 73.18 later in the day.

Heavy selling pressure was witnessed in auto and banking stocks. Among others pulling the S&P BSE Sensex down were IT and FMCG counters.

"The sales figures (released on 1st of every month) of most automobile companies, especially four-wheelers, were not very good," said Astha Jain, Senior Research Analyst, Hem Securities.

At 3.30 p.m, the wider Nifty50 on the National Stock Exchange provisionally closed at 10,858.25 points, lower 150.05 points or 1.36 per cent from its previous close.

The S&P BSE Sensex, which opened at 36,602.85 points, closed at 35,975.63 points, down 550.51 points or 1.51 per cent from its previous close of 36,526.14 points.

It touched an intra-day high of 36,602.85 points and a low of 35,911.82 points.