Sensex, Nifty reverse gains as rupee sinks by 26 paise

Back home, the broader markets underperformed benchmarks as the BSE Midcap and Smallcap indices lost 0.3-0.5 percent on weak breadth.

US Federal Reserave meet on Wednesday were on expected lines - interest rates were kept unchanged but possibility of one rate hike by December end remains.

According to market observers, investors were cautious ahead of the two-day US Federal Reserve meeting slated for later in the evening (India time).

On Wednesday, the rupee had logged its first gain in three sessions by rising 6 paise. About two shares advanced for every share falling on the NSE.

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The NSE 50-share Nifty fell 42.80 points or 0.42 per cent at 10,098.35.

Separately, Dr Reddy's Laboratories said that it has received an Establishment Inspection Report from the USA drug regulator, for its Formulation Srikakulam Plant (SEZ) Unit II, Andhra Pradesh. The Telangana plant's audit has been concluded by the FDA with zero observations.

"The short term trend of Nifty is choppy with weak bias". Cadila Healthcare was up 3.5 percent as Zydus received approval from the USA health regulator for Itraconazole 100 mg capsules. Glenmark Pharmaceuticals (up 2.88%), Lupin (up 2.97%), Cipla (up 4.1%), Divi's Laboratories (up 5.46%), Cadila Healthcare (up 3.38%), Sun Pharmaceutical Industries (up 2.68%) and Aurobindo Pharma (up 0.83%) edged higher.

Foreign portfolio investors (FPIs) remained passive as they sold shares worth a net Rs 1,719.62 crore.

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Dr Reddy's hit pay dirt, surging the most by 7.47 per cent to Rs 2,486.45 after the company said it has received Establishment Inspection Report (EIR) from the U.S. health regulator USFDA for its formulations manufacturing facility in Andhra Pradesh.

On the other hand, Coal India (0.94%), GAIL (India) (0.92%), ICICI Bank (0.67%), Larsen & Toubro (0.34%), Tata Consultancy Services (0.28%), and Oil & Natural Gas Corporation (0.27%) were the biggest losers in the Sensex.

Vivimed Labs rose 3 percent as its Hyderabad FDF manufacturing unit was approved & accredited with Good Manufacturing Practice Certificate from Ukraine ministry of Health. Japanese financial markets are closed for a public holiday today. ITI rallied 20 percent on winning Rs 7,000 crore ASCON Phase-IV project.

Wonder Woman director Patty Jenkins will return for sequel
Jenkins is coming back to direct the sequel and reports are saying that she's the highest paid female director because of it. The total domestic collection went up to $402 million while the global collection of the film went past $ 800 million .

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