Domestic equity indices opened lower after President Trump announced a 100% tariff on branded drug imports starting from 1 Oct 2025, pressuring pharma stocks despite generics being exempt.
The Nifty traded below the 24,800 level. All sectoral indices on the NSE were traded in the red, with pharma, healthcare, and IT declining the most.
At 09:30 IST, the barometer index, the S&P BSE Sensex, declined 311.41 points or 0.38% to 80,848.27. The Nifty 50 index lost 117.05 points or 0.48% to 24,772.85.
The broader market underperformed the frontline indices. The S&P BSE Mid-Cap index slipped 0.72% and the S&P BSE Small-Cap index tumbled 1.10%.
The market breadth was weak. On the BSE, 843 shares rose and 2,021 shares fell. A total of 152 shares were unchanged.
Foreign portfolio investors (FPIs) sold shares worth Rs 4,995.42 crore, while domestic institutional investors (DIIs) were net buyers to the tune of Rs 5,103.01 crore in the Indian equity market on 25 September 2025, provisional data showed.
Stocks in Spotlight:
RITES jumped 5.90% after the company said that it has received an LoA worth $18 million (Rs 153 crore) from South Africa’s Talis Logistics to supply diesel electric locomotives.
NTPC Green Energy shed 0.88%. The company announced that it has commissioned a 25 MW solar project in Gujarat. The project is part of a 37.5 MW solar project, with the remaining capacity yet to be commissioned.
Avenue Supermarts added 0.45%. The company informed that it has opened a new store in Andhra Pradesh, taking the total store count to 430.
Numbers to Track:
The yield on India's 10-year benchmark federal paper rose 0.11% to 6.499 from the previous close of 6.494.
In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 88.7050 compared with its close of 88.7675 during the previous trading session.
MCX Gold futures for 3 October 2025 settlement gained 0.14% to Rs 112,790.
The US Dollar Index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.17% to 98.05.
The United States 10-year bond yield added 0.05% to 4.176.
In the commodities market, Brent crude for November 2025 settlement gained 13 cents or 0.19% to $69.55 a barrel.
Global Markets:
Shares in Asia declined on Friday, led by sharp losses in pharmaceutical stocks after U.S. President Donald Trump announced sweeping new tariffs. Sentiment was further pressured as traders scaled back expectations of aggressive Federal Reserve rate cuts following stronger-than-expected U.S. economic data.
Trump revealed that the U.S. will impose 100% tariffs on imported branded drugs, 25% on heavy-duty trucks, 50% on kitchen cabinets, 50% on bathroom vanities, and 30% on upholstered furniture. The duties are set to take effect on October 1.
On Wall Street, technology stocks extended their pullback for a third consecutive session, weighed down by rising Treasury yields. The S&P 500 slipped 0.50% to 6,604.72, the Nasdaq Composite lost 0.55% to close at 22,384.70, and the Dow Jones Industrial Average fell 0.38% to 45,947.32. The 10-year Treasury yield climbed to 4.2% after jobless claims data came in lower than expected.
Separately, Trump signed an executive order approving a $14 billion proposal to keep TikTok operational in the U.S., according to Vice President JD Vance. The plan, which still requires Beijing’s approval, calls for a new joint venture to manage TikTok’s U.S. operations, with ByteDance retaining a stake of less than 20%.