Dalal Street saw benchmarks, Sensex and Nifty, bleed heavily on Friday, before ending the sixth consecutive session in red. The BSE Sensex settled the session below the 80,500 threshold, tanking over 700 points, while the NSE Nifty50 crashed more than 200 points to end at 24,671.
On the 30-share Sensex, L&T, Tata Motors, ITC, and Reliance settled the session among the gainers. On the other hand, the laggards included M&M, Eternal, Tata Steel, Bajaj Finance, and Asian Paints.
This downfall in market sentiment could be attributed to the fresh tariffs announced by US President Donald Trump on Thursday. In his latest attack, the American leader unveiled steep duties on branded pharmaceutical drugs, furniture, and heavy trucks. Persistent selling by foreign investors also weighed heavily on investors.
Notably, in the morning hour, around 9:25 AM, the Sensex dropped 388 points, or 0.48 per cent, to 80,771, while the Nifty shed 119 points, or 0.48 per cent, to trade at 24,771.
The sharpest hit came in pharmaceutical counters after Trump announced tariffs of up to 100 per cent on branded and patented drug imports, effective October 1, 2025. The move sent shares of Indian and other Asian pharma companies lower.
India exports 31 per cent of its pharmaceutical goods to the US, its largest market. Analysts, however, pointed out that as an exporter of generics, India’s immediate exposure is limited. Yet, sentiment around pharma stocks has weakened amid fears that Trump’s next target could be generic drugs.
Alongside drugs, the US administration also announced tariffs of 50 per cent on kitchen cabinets and bathroom vanities, 30 per cent on upholstered furniture, and 25 per cent on heavy trucks.
Foreign institutional investors (FIIs) continued their selling spree, offloading equities worth Rs 4,995 crore on Thursday. In contrast, domestic institutional investors (DIIs) provided support, buying shares worth Rs 5,000 crore.
