Pharma shares dropped after advancing in the past trading session.

At 11:25 IST, the barometer index, the S&P BSE Sensex declined 493.72 points or 0.60% to 81,757.65. The Nifty 50 index fell 145 points or 0.58% to 24,965.45.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index shed 0.41% and the S&P BSE Small-Cap index declined 0.46%.

The market breadth was weak. On the BSE, 1,399 shares rose and 2,358 shares fell. A total of 197 shares were unchanged.

Buzzing Index:

The Nifty pharma index declined 0.69% to 22,522.90. The index advanced 0.38% in the past trading session.

Lupin (down 1.3%), Divis Laboratories (down 1.3%), Granules India (down 1.15%), Zydus Lifesciences (down 1.06%) and Aurobindo Pharma (down 0.94%), Sun Pharmaceutical Industries (down 0.86%), Ipca Laboratories (down 0.85%), J B Chemicals & Pharmaceuticals (down 0.73%), Cipla (down 0.68%) and Dr Reddys Laboratories (down 0.67%) declined.

Lupin declined 1.3%. The company announced that its wholly owned subsidiary, Lupin Manufacturing Solutions (LMS), has received GMP certification from the Therapeutic Goods Administration (TGA), Australia’s regulatory authority for medicines and medical devices.

Stocks in Spotlight:

Ceat fell 1.04% after the company's net profit declined 27.06% to Rs 112.45 crore on a 10.54% increase in revenue to Rs 3,529.41 crore in Q1 FY26 over Q1 FY25.

Global Markets:

Asian shares were trading higher on Friday, taking cues from Wall Street's rally overnight. Investors cheered a batch of upbeat US economic reports and corporate earnings that comfortably beat expectations.

In Japan, inflation showed some signs of cooling. Core inflation for June eased to 3.3%, down from May’s 29-month high of 3.7%, with rice prices showing signs of moderation. Headline inflation also slipped to 3.3%, from 3.5% the previous month. However, the "core-core" inflation gauge, closely tracked by the Bank of Japan, as it strips out both food and energy, edged up to 3.4%, hinting that underlying price pressures are still in play.

Over on Wall Street, the S&P 500 and Nasdaq closed at record highs on Thursday. Strong earnings and resilient consumer spending drove the rally. The Dow Jones rose 0.52%, while the S&P 500 climbed 0.54%, and the Nasdaq jumped 0.74%.

Investors also brushed off worries about new US trade tariffs set to kick in from August 1 under President Trump, focusing instead on growth and AI-fueled optimism.

Taiwanese chip giant TSMC stole the spotlight with stellar earnings and a bullish outlook on AI-related demand. Its US-listed shares surged 3.4%, igniting gains across the semiconductor and tech sectors.

Adding to the momentum, US retail sales rebounded strongly in June after two months of decline. Sales rose 0.6% month-on-month, reversing a 0.9% dip in May, thanks to increased auto purchases and a still-healthy consumer.