All the sectoral indices on the NSE were traded in red with pharma, IT and metal shares leading the decline.

At 13:25 IST, the barometer index, the S&P BSE Sensex slipped 478.06 points or 0.58% to 80,688.10. The Nifty 50 index lost 153.50 points or 0.61% to 24,735.50.

The broader market underperformed the frontline indices. The S&P BSE Mid-Cap index fell 1.53% and the S&P BSE Small-Cap index declined 1.74%.

The market breadth was weak. On the BSE, 1,036 shares rose and 2,972 shares fell. A total of 160 shares were unchanged.

Gainers & Losers:

Larsen & Toubro (up 3.09%), Tata Motors (up 1.96%), ITC (up 1.19%), Eicher Motors (up 1.08%) and Maruti Suzuki India (up 0.60%) were the major Nifty50 gainers.

Mahindra Mahindra (M&M)(down 3.06%), Sun Pharmaceutical Industries (down 2.89%), Indusind Bank (down 2.75%), Tata Steel (down 2.22%) and Tach Mahindra (down 2.09%) were the major Nifty50 losers.

Stocks in Spotlight:

Solarium Green Energy shed 0.44%. The company has won a domestic contract worth approximately Rs 4.34 crore from NTPC Vidyut Vyapar Nigam (NVVN) for the development of a 1320 kW rooftop solar project at AIIMS-Rishikesh, Uttarakhand.

Pharma stocks crash after U.S. President Donald Trump announced a 100% tariff on imports of branded or patented drugs from October 1 unless manufacturers begin setting up plants in the U.S.

Laurus Labs (down 6.98%), Natco Pharma (down 4.64%), Biocon (down 4.24%), Zydus Lifesciences (down 3.48%) and Divis Laboratories (down 3.03%), Sun Pharmaceutical Industries (down 2.89%), Glenmark Pharmaceuticals (down 2.74%), Lupin (down 1.95%), Granules India (down 1.73%) and Gland Pharma (down 1.5%) declined.

While branded and patented drugs face steep levies, generic formulations have been spared. This exemption comes as a relief for Indian pharma generic majors, which rely heavily on U.S. exports of low-cost generics.

Kothari Industrial Corporation locked in the upper circuit of 2% after the company entered into a Memorandum of Understanding (MoU) with Accademia IUAD, Italy, a reputed Design University, for establishing a Joint Venture in India.

RailTel Corporation of India fell 0.97%. The company has secured a significant domestic contract worth approximately Rs 970.08 crore from the State Project Director, Bihar Education Project Council (BEPC).The project is for establishing physics, chemistry, and biology laboratories in government secondary and senior secondary schools across Bihar. The project is slated for completion by 24 September 2026.The project is part of the Samagra Shiksha 2025–26 initiatives by the state government.

Paras Defence and Space Technologies declined 0.53%. The company said that it has received an international order from Elbit Security Systems, Israel for supplying electro-optics. The said order is valued at $3.8 million (Rs 34 crore), is scheduled to be executed from February 2026 to November 2026.

Global Markets:

European market advanced as investors awaited the upcoming PCE data, the U.S Central Bank's preferred gauge of inflation.

Most Asian market 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%.