The domestic equity benchmarks traded with major losses in morning trade, tracking global risk aversion after Donald Trump’s hawkish stance on Iran. Brent crude surged toward $105, raising inflation concerns. Domestic markets remained cautious ahead of the weekly expiry of BSE Sensex contracts. Being the final session of a truncated week, volatility is expected to stay elevated with global cues guiding trade.
The Nifty slipped below the 22,200 level. Pharma shares extended losses for fourth consecutive trading session.
At 10:30 ST, the barometer index, the S&P BSE Sensex, tanked 1,474.61 points or 2.01% to 71,653.15. The Nifty 50 index slipped 465.15 points or 2.05% to 22,215.
The broader market underperformed the frontline indices. The BSE 150 MidCap Index declined 3.09% and the BSE 250 SmallCap Index slipped 2.89%.
The market breadth was weak. On the BSE, 891 shares rose and 2,782 shares fell. A total of 173 shares were unchanged.
The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, added 4.65% to 26.18.
New Listing:
Shares of Sai Parenterals were currently trading at Rs 412.05 at 10:05 IST on the BSE, representing a premium of 4.50% as compared with the issue price of Rs 392.
The stock debuted at Rs 405, marking a premium of 3.32% to the issue price.
So far, the stock has hit a high of Rs 414 and a low of Rs 400. On the BSE, over 32,000 shares of the company were traded in the counter so far.
Shares of Amir Chand Jagdish Kumar (Exports) were currently trading at Rs 186.10 at 10:20 IST on the BSE, representing a discount of 12.22% as compared with the issue price of Rs 212.
The stock debuted at Rs 195, marking a discount of 8.02% to the issue price.
So far, the stock has hit a high of Rs 197.95 and a low of Rs 182.75. On the BSE, over 4.38 lakh shares of the company were traded in the counter so far.
Shares of Powerica were currently trading at Rs 387.15 at 10:22 IST on the BSE, representing a discount of 1.99% as compared with the issue price of Rs 395.
The stock debuted at Rs 375, marking a discount of 5.06% to the issue price.
So far, the stock has hit a high of Rs 387.70 and a low of Rs 365.10. On the BSE, over 1.33 lakh shares of the company were traded in the counter so far.
Buzzing Index:
The Nifty Pharma index declined 3.74% to 21,189. The index slumped 6.57% in previous four consecutive trading session.
Biocon (down 6.07%), Glenmark Pharmaceuticals (down 5.48%), Aurobindo Pharma (down 5.36%), Torrent Pharmaceuticals (down 5.31%), J B Chemicals & Pharmaceuticals (down 5.15%), Ipca Laboratories (down 4.53%), Piramal Pharma (down 4.31%), Laurus Labs (down 4.25%), Sun Pharmaceutical Industries (down 4.08%) and Divis Laboratories (down 3.99%) declined.
Stocks in Spotlight:
South Indian Bank fell 3.05%. The company reported 15.66% jump in gross advances to Rs 1,01,295 crore as of 31 March 2026 as against Rs 87,579 crore as of 31 March 2025.
Tamilnad Mercantile Bank fell 1.29%. The company said that its total advances jumped 20.32% to Rs 53,380 crore as of 31 March 2026, compared with Rs 44,366 crore as of 31 March 2025.
Indian Oil Corporation (IOC) fell 3.93%. The company reported strong operational performance for the latest fiscal period, posting a 4% growth in consolidated sales of petroleum products to 104.4 million tonnes (MT), up from 100.3 MT in the same period last year.