Mumbai: Selling pressure built up across various segments and equity indices slipped during early hours on Wednesday on the back of weak global cues

At 10:15 am, the BSE S&P Sensex was down by 310 points at 38,787 while the Nifty 50 lost by 90 points at 11,498.

All sectoral indices at the National Stock Exchange were in the red.

Nifty PSU bank was down by 2%, auto by 1.5%, financial service and metal by 1.4% each.

Among stocks, Tata Motors was the top loser which erased previous gains by 3.1% to trade at Rs 126.80 per share. Eicher Motors too lost by 2.2% and traded at Rs 18,020.05 apiece.

Banking stocks were in the red with State Bank of India losing by 2.9% and Kotak Mahindra Bank by 2.1%. HDFC slipped by 2.2%. The other prominent losers were Cipla, Hindalco, GAIL, Vedanta and Tata Steel.

However, those which gained were Power Grid Corporation, Tata Consultancy Services, Zee Entertainment, Reliance Industries and power utility major NTPC.

Meanwhile, Asian stocks fell as US lawmakers called for an impeachment enquiry into US President Donald Trump over whether he sought help from Ukraine to smear former Vice President Joe Biden, a front-runner for the 2020 Democratic presidential nomination.

Further, trade concerns emerged with Trump saying that he will not accept a bad deal in trade talks with China as the world's two largest economies meet in early October to end the long-drawn trade war.

MSCI's broadest index of Asia Pacific shares outside Japan was down by 0.2% while Japan's Nikkei fell by 0.55%. Hang Seng slipped by 0.9%, Kospi index by 0.8% and Shanghai Composite by 0.57%.