Stock market ends sharply lower over US pharma tariffs, Nifty below 24,700

Mumbai: The Indian equity market ended the week on a negative note on Friday amid weak global cues and fresh US tariffs on certain pharmaceuticals imports. Nifty Pharma fell 470 points or 2.14 per cent.

Sensex ended the session at 80,426.46, down 733.22 points or 0.90 per cent. The 30-share index started the session a bit lower at 80,956.01 against last session’s closing of 81,159.68. The index further extended the loss amid overall selling to hit an intraday low of 80,332.41.

Nifty closed at 24,654.70, down 236.15 points or 0.95 per cent.

Follow for more details: munsifdaily.com

“The Indian market experienced a bloodbath, mirroring the rout across Asian markets. Investor sentiment was rattled by a fresh wave of tariffs targeting the pharmaceuticals, dragging pharma stocks deep into the red,” analysts said.

Investors remain cautious, with a near-term focus on domestic investment and consumption amid global uncertainty, analysts added.

From the Sensex stocks, Mahindra and Mahindra, Tata Steel, Eternal, Bajaj Finance, Asian Paint, Sun Pharma, Tech Mahindra, Infosys, HCL Tech, TCS, Bajaj FinServ, BEL, Titan, Hindustan Unilever, Trent, Axis Bank, Bharati Airtel, NTPC, Kotak Bank, ICICI Bank and PowerGrid settled lower. L&T and Tata Motors ended the session in green.

Also Read: Delhi HC stresses on need for Uniform Civil Code

The majority of sectoral indices ended the session in negative territory. Nifty IT slipped 846 points or 2.45 per cent, Nifty FMCG fell 260 points or 0.47 per cent, Nifty Auto dipped 273 points or 1.02 per cent, Nifty Fin Services ended the session 262 points or 1 per cent, and Nifty Bank closed 586 points or 1.07 per cent.

The broader market continued to bleed amid persistent selling. Nifty Next 50 fell 1,148 points or 1.68 per cent, Nifty 100 slipped 274 points or 1.08 per cent, Nifty Midcap 100 ended the session 1,177 points or 2.05 per cent and Nifty smallcap 100 dipped 405 points or 2.26 per cent.