Market Commentary - Mid-Session
The domestic equity benchmarks traded with major losses in the morning trade, reflecting a global sell-off triggered by US President Donald Trump's announcement of reciprocal tariffs. This move led to increased market volatility worldwide, impacting investor sentiment in India. The Nifty traded below the 23,000 level. Pharma shares declined after advancing for the past two consecutive trading sessions after U.S. President Donald Trump issued a fresh warning about potential tariffs on the sector.
At 10:30 ST, the barometer index, the S&P BSE Sensex, slumped 812.54 points or 1.06% to 75,482.82. The Nifty 50 index declined 281.85 points or 1.21% to 23,968.25.
The broader market underperformed the frontline indices. The S&P BSE Mid-Cap index slumped 3.17% and the S&P BSE Small-Cap index slipped 3.30%.
The market breadth was weak. On the BSE, 836 shares rose and 2,632 shares fell. A total of 193 shares were unchanged.
The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, added 2.15% to 13.89.
Buzzing Index:
The Nifty Pharma index tumbled 4.80% to 20,394.70. The index added 1.84% in the past two consecutive trading sessions.
Aurobindo Pharma (down 7.67%), Lupin (down 6.86%), Laurus Labs (down 6.85%), Ipca Laboratories (down 6.03%) and Granules India (down 5.86%), Biocon (down 5.73%), Zydus Lifesciences (down 5.49%), Divis Laboratories (down 5.39%), Cipla (down 5.26%) and Sun Pharmaceutical Industries (down 4.28%) tumbled.
Stocks in Spotlight:
UCO Bank shed 0.76%. The company reported a 17.65% rise in total advances to Rs 2.20 lakh crore as on 31 March 2025 as against Rs 1.87 lakh crore recorded as on 31 March 2024.
HDFC Bank added 2.20% after the bank's average deposits stood at Rs 25,27,900 crore as of 31st March 2025, registering the growth of around 15.8% as compared with Rs 21,83,600 crore as of 31st March 2024.
UltraTech Cement shed 0.79%. The company said that its board has approved the purchase of 100% equity of Wonder WallCare at an enterprise value (EV) not exceeding Rs 235 crore.
Alivus Life Sciences tumbled 4.57% after the company said the US Food and Drug Administration (US FDA) conducted an inspection at the company's API manufacturing facility in Ankleshwar, Gujarat, during January 27-31, 2025. Post-inspection, the USFDA issued an Establishment Inspection Report with a Voluntary Action Indicated status for the said manufacturing facility.
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