** India's benchmark indexes NSE Nifty 50 .NSEI and BSE Sensex .BSESN fall 1% each, as investors booked profits after the previous session's relief rally on India-Pakistan ceasefire

** A short-term shift of funds towards China from India due to the pause in U.S.-China trade war is also likely to trigger bouts of profit booking, two analysts say

** IT index .NIFTYIT drops 1.7%; the index jumped 6.7% in the previous session, logging its best day in five years

** The three heaviest stocks on the benchmark indexes - HDFC Bank HDBK.NS, ICICI Bank ICBK.NS and Reliance Industries RELI.NS drop 1% each, after gaining 3.5%-4.5% on Monday

** Online food delivery company Swiggy SWIG.NS slips to its lowest since listing on lock-in overhang

** Bucking the trend, pharma index .NIPHARM rises 1.6%; brokerages say U.S. President Donald Trump's executive order directing drugmakers to lower prices of their medicines was not as bad as feared

** Bharat Electronics BAJE.NS jumps 4.3% after JP Morgan terms the defence manufacturer its preferred pick in the sector

(Reporting by Bharath Rajeswaran in Bengaluru)

((bharath.rajeswaran@thomsonreuters.com; +91 9769003463;))