Stock Market LIVE: Sensex, Nifty See Red In Early Friday Gitters; Sun Pharma, Waaree Feel US Pressure
The Nifty 50 and Sensex were trading 0.48% and 0.53% down, respectively, as of 9:40 a.m., which indicated a positive opening for the NSE Nifty 50.
KEY HIGHLIGHTS
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Stock Market News: Trump Slaps 100% Pharma Tariffs: What It Means For Indian Companies
Pre-Market Experts' View: Nifty Reflects Neutral-To-Bearish Bias
Stock Market Today| Stock Market Live: Nifty Pharma Extends Losses To Over One-Month Low As Sun Pharma Drags
The NSE Nifty Pharma index slumped 2.67% in Friday's session as Sun Pharmaceutical Industries Ltd. and Divi's Laboratories Ltd. share prices weighed.
Market-cap of pharma stocks declined Rs 44,600 crore to Rs 16.57 lakh crore as of 9:38 a.m.
Nifty Sensex Today| Stock Market LIVE: Sun Pharma Leads Pharma Stocks Decline After Trump Hikes Tariff To 100%
Sun Pharmaceutical Industries Ltd. declined nearly 5% on Friday as Trump announced 100% tariff on the Pharmaceutical sector unless the company has manufacturing capacity in the United States.
Other Pharmaceutical stocks seeing decline are Cipla Ltd., Dr Reddys Laboratories Ltd., Lupin Ltd. and Biocon Ltd., however the impact on these companuies is largely contained since the US tariffs mainly targe branded and patented drugs, where multinational companies like Pfizer Inc. and Novo Nordisk Inc. dominate.
Sectoral Performance At Open: Nifty Pharma Slumps The Most As US To Impose 100% Tariff On Branded Drug Imports
On National Stock Exchange, all 15 sectoral indices declined the most with the NSE Nifty Pharma falling the most.
Nifty Detractors: Infosys, ICICI Bank, Sun Pharma Shares Weigh
Infosys Ltd., ICICI Bank Ltd., Sun Pharmaceutical Industries Ltd., Bajaj Finance Ltd., and Axis Bank Ltd. weighed on the Nifty 50 index.
Larsen & Toubro Ltd., ITC Ltd., JSW Steel Ltd., State Bank of India, Eicher Motors Ltd. added to the Nifty 50 index.
Stock Market Open: Nifty, Sensex Fall Sharply Tracking Decline On Pharma Stocks
The Nifty 50 and Sensex declined sharply as US President Donald Trump announced a slew of sectoral tariffs for pharma sector and furniture imports. The indices were trading 0.31% and 0.21% down, respectively as of 9:26 a.m.
Global equities halted their record-rally which also weighed on the domestic markets.
