The benchmark indices on Tuesday pared gains to slip in red even as Asian markets surged to 15-month highs on the prospects of a less-hawkish Federal Reserve policy trajectory.

At 11:37 am, the S&P BSE Sensex was trading at 29,386, down 132 points, while the broader Nifty50 was ruling at 9,091, down 36 points.

In the broader market, BSE Midcap index underperformed the frontline indices to shed 0.7%, while BSE Smallcap index dipped 0.3%.

Nifty Pharma index (down 2%) was the leading sectoral loser, led by losses in Divi’s Labs and Dr Reddy’s.

Dr Reddy’s Laboratories slipped 5% to hit its 52-week low of Rs 2,602 on reports that the USFDA has found repeat observations from 2015 warning letter.

Shares of Divis Laboratories tanked 20% to Rs 635, also its 52-week low on BSE in early morning trade, after the company said US drug regulator issued an import alert on the company’s Visakhapatnam unit-II.

Idea Cellular slipped nearly 8% to Rs 90 in intra-day trade, extending its previous day’s 9.5% decline on BSE, after Idea and Vodafone have formally announced a merger with the Birla-owned company.

The stock had hit a high of Rs 123.75 on BSE in intra-day trade on Monday immediately after the merger announcement. It has now slipped 27% from those levels.

Source: business-standard.com