BENGALURU, Jan 2 Reuters India39;s benchmark indexes fell on Tuesday, dragged by financials and information technology stocks, as selling pressure emerged near record high levels.

The bluechip NSE Nifty 50 fell 0.42 to 21,649.90 points, while the SP BSE Sensex shed 0.50 to 71,900.29, as of 1025 a.m. IST.

Since the markets have factored in all the positives in the onesided rally over the last two months, we could see some selling pressure at record high levels, said Raghvendra Nath, managing director at Ladderup Wealth Management.

The Nifty gained about 20 in 2023, with over half of it in the final two months alone, aided by fasterthanexpected quarterly growth, elevated bets of U.S. rate cuts in the first half of 2024, and steady retail participation.

On the day, IT stocks lost 0.9, while financials shed 0.5. The two subindexes, which account of 49 of the Nifty, had gained about 16 and 12 in the final two months of 2023.

On the flip side, the pharma index rose as much as 2.05 to a new alltime high before paring gains slightly.

Drug maker Lupin jumped 4.6 after Nomura raised price target to a Street high 1,593 rupees, on expectations of growth in profitability due to upcoming U.S. launches and strength in India business.

Divi39;s Laboratories, Sun Pharma and Cipla were among the top Nifty 50 gainers, adding between 1.6 and 3.

Coal India gained 2 after reporting a 8.2 yearonyear rise in coal production in December.

On the other hand, Eicher Motors extended…