Sensex close to erasing gains since Modi came to power

MUMBAI (Reuters) - 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 16 percent 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.

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 up 0.73 percent at 12:31 p.m.

The broader 50-share Nifty was up 0.82 percent, after earlier hitting its lowest since July 16, 2014.

(Reporting by Abhishek Vishnoi and Karen Rebelo in Mumbai; Editing by Anupama Dwivedi)