Shares of Yes Bank rose nearly 5 percent after the bank said its board will meet on December 13 to consider short-listed candidates for the post of managing director, recommended by its search panel. Yes Bank said its search panel will meet on December 12 to review the final list of short-listed candidates. At 11.40 am, shares of Yes Bank traded 3.31 percent higher at Rs 198.45. Meanwhile, the Nifty traded at 10,575, down y 81 points, or 0.76 percent. The Sensex was trading at 35,139, lower by 335 points, or 0.95 percent.

Shares of Bank of Baroda gained 2 percent after the bank said it will sell 4 percent stake, or 2 million shares, in Clearing Corp. of India to HDFC Bank at Rs 620 a share, amounting to Rs 1.24 billion. Currently, Bank of Baroda holds 2.5 million shares of CCIL, representing 5 percent equity stake. Bank of Baroda has also invited expression of interest to sell Rs 42 billion of bad loans as it continues with its strategy of offloading non-performing assets because of a delay in their resolution.

Shares of Wockhardt jumped as much as 8 percent in early trade as a report said an appeals court in the US rejected Johnson & Johnson's request to prevent generic versions of drug Zytiga from entering the market. Wockhardt had a tentative approval for the prostate-cancer drug along with Amneal Pharmaceuticals. Johnson & Johnson is still fighting a ruling that had invalidated the patent on Zytiga, allowing generic drug makers to launch the drug in the US. Zytiga is one of Johnson & Johnson's biggest revenue generators. The drug had sales of $1.42 billion in the nine months ended September 30, a jump of 71 percent from the same period a year ago. At 10.25 am, shares of Wockhardt which were up 4.17 percent at Rs 534.65, were among the top gainers on the Nifty 500 index. 

Meanwhile, benchmark indexes extended losses with the Nifty dipping 73 points, or 0.69 percent, to trade below 10,600, at 10,583. The Sensex was at 35,158, falling by 316 points, or 0.89 percent. 

The BSE Sensex traded at 35,386, down by nearly 88 points, or 0.2 percent at 9.20 am, while the NSE Nifty50 was trading at 10,647, lower by 9.35 points, or 0.1 percent. Broader markets started mildly higher with the Nifty MidCap up by 0.15 percent in initial trade. The Nifty Bank started on a flat note, up by 0.06 percent. As many as 32 sectors advanced with Nifty Pharma leading with 1.6 percent gains. BSE Oil & Gas also rose 1.6 percent. IT and metal indexes were leading the 11 declining sectors with BSE IT falling by more than 2 percent. Among top percentage gainers, Dr Reddy's Labs, Hindustan Petroleum Corp. Ltd, Bharat Petroleum Corp. Ltd, Indian Oil Corp., Asian Paints, Yes Bank, ONGC, Bharti Airtel, Sun Pharma shares surged by up to 8 percent. Dr Reddy's Laboratories gained 8 percent in initial trade after a US court lifted the ban on the sale of the company's generic version of Indivior's Suboxone drug. Tech Mahindra, Infosys, TCS, HCL Technologies, Eicher Motors, Vedanta, Wipro, Tata Steel were among top percentage losers, falling by up to 2.83 percent. Infosys, TCS, Reliance Industries and L&T along with ICICI Bank were top drags on both indexes. Support came from HDFC and Asian Paints along with SBI, ONGC and Kotak Bank.

The Sensex settled at 35,492.62, up by 18 points, or 0.1 percent, while the Nifty was at 10,671, up 15 points, or 0.1 percent at 9.08 am

Shares of Dr Reddy's Laboratories are poised to surge today after the US court ruled in favour of the company in the patent infringement case related to its generic of Indivior's Suboxone drug. The US court has also removed the preliminary injunction on the sale of the company's generic of Suboxone issued earlier this year. Brokerage firm Macquarie expects the sale of the generic in the US to add an additional $50 million-$60 million to the company's sales in 2018-19 (April-March). On Tuesday, shares of Dr Reddy's ended at Rs 2,443.15, down 3.4 percent.