Indian equity markets pared their morning gains and slipped into the red territory even after the RBI's Monetary Policy Commitee reduced the policy repo rate by 75 basis points to 4.4 per cent to help arrest the economic slowdown in the wake of the coronavirus (Covid-19) outbreak. The BSE Sensex was down 387 points at 29,529 levels and the Nifty50 index slipped below the 9,000-mark, to hover around 8,586 levels.