Sensex, Nifty reverse gains; Lupin slumps 17% on USFDA warning letter

Indian equity markets reversed early gains with BSE Sensex that fell over 270 points or 0.82% at 1338 hours while Nifty 50 was down 73.10 points or 0.70%.

Shares of Lupin touched a 52-week low of Rs 890.10 per share on BSE Sensex intraday on receiving a warning letter from USFDA. The company's shares were trading 17% or  170 points lower on BSE Sensex at 1338 hours.

Broadly positive global cues, along with healthy buying support for the capital goods and IT sectors pushed the key indices of the Indian equity markets higher during the morning trade session on Tuesday.

At 9.30 a.m. the barometer 30-scrip Sensitive Index (Sensex) traded 73.96 points or 0.22 % higher.

The wider 50-scrip Nifty of the National Stock Exchange (NSE) rose by 19.95 points or 0.19 % to 10,471.75 points.

The Sensex of the BSE, which opened at 33,781.01 points, traded at 33,805.15 points (at 9.30 a.m.), higher by 73.96 points or 0.22 % from Monday`s close at 33,731.19 points.

The Sensex touched a high of 33,853.63 points and a low of 33,773.12 points during the intra-day trade so far.