BENGALURU, Dec 11 Reuters India39;s Nifty 50 and Sensex indexes hit record highs on Monday before paring the gains, dragged by pharma stocks following the U.S. drug regulator39;s observations on Dr. Reddy39;s Laboratories.

The NSE Nifty 50 index rose as much as 0.24 to 21,019.80 points, while the SP BSE Sensex gained 0.32 to 70,048.90, as of 1006 a.m. IST. Both indexes later pared their gains and held steady after hitting alltime highs.

Meanwhile, the Sensex achieved a milestone, surpassing the 70,000 mark for the first time.

For index traders, 20,800 for Nifty and 69,250 levels for Sensex will act as a support zone while profit booking can happen at 21,20021,300 levels for Nifty and 70,00070,300 for Sensex, said Shrikant Chouhan, head of equity research at Kotak Securities.

Pharma stocks fell about 1, led by a 6 decline in Dr. Reddy39;s Laboratories. The U.S. Food and Drug Administration issued a Form 483 with three observations after inspecting the drug maker39;s facility at Bachupally in Hyderabad. The stock was the top Nifty 50 loser.

Oil gas gained 0.75, supported by the ongoing drop in crude oil prices.

Brent Crude futures recorded their seventh consecutive week of losses on Friday, settling at 76.50 per barrel in Asian trading hours. A fall in oil prices is positive for importers of the commodity like India.

Public sector banks advanced 1.6, with all the 12 constituents logging gains.

The small and midcaps gained 0.4 and 0.9, respectively, supported by…