Key Indian stock indices traded with major losses in mid-afternoon trade as investors remained cautious amid continued selling by foreign institutional investors (FII) and weak global cues. Geopolitical tensions escalated after Pakistan and Afghanistan declared open conflict, while US-Iran talks concluded without a resolution, adding to market uncertainty. The Nifty dropped below the 25,300 level.
Pharma shares declined after advancing in the past five consecutive trading session.
At 14:28 IST, the barometer index, the S&P BSE Sensex declined 577.35 points or 0.72% to 81,671.26. The Nifty 50 index tumbled 196.40 points or 0.78% to 25,298.90.
In the broader market, the BSE 150 MidCap Index declined 0.62% and the BSE 250 SmallCap Index slipped 0.57%.
The market breadth was negative. On the BSE, 1,714 shares rose and 2,403 shares fell. A total of 170 shares were unchanged.
The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, advanced 2.56% to 13.40.
Buzzing Index:
The Nifty Pharma index fell 0.84% to 23,105.70. The index rallied 3.89% in the past five consecutive trading sessions.
Piramal Pharma (down 3.03%), Dr Reddys Laboratories (down 2.31%), Alkem Laboratories (down 1.5%), Gland Pharma (down 1.43%), Zydus Lifesciences (down 1.41%), Sun Pharmaceutical Industries (down 1.31%), Mankind Pharma (down 1.17%), Torrent Pharmaceuticals (down 1.07%), J B Chemicals & Pharmaceuticals (down 0.86%) and Cipla (down 0.82%) declined.
On the other hand, Glenmark Pharmaceuticals (up 1.37%), Aurobindo Pharma (up 1.21%) and Wockhardt (up 0.54%) edged higher.
Numbers to Track:
The yield on India's 10-year benchmark federal paper rose 0.07% to 6.695 compared with the previous session close of 6.690.
In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 90.9525 compared with its close of 90.9150 during the previous trading session.
MCX Gold futures for 2 April 2026 settlement gained 0.40% to Rs 160,354.
The US Dollar Index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.11% to 97.63.
The United States 10-year bond yield slipped 0.52% to 3.996.
In the commodities market, Brent crude for April 2026 settlement gained 56 cents or 0.79% to $71.40 a barrel.
Stocks in Spotlight:
Mamata Machinery rose 0.44%. The company announced that it has secured its first Rest of the World (ROW) order for its Packaging Machinery Segment from a customer in South Africa.
Lupin shed 0.30%. The company said that it has received the establishment inspection report (EIR) from the US Food and Drug Administration for its Goa facility, with a satisfactory voluntary action indicated (VAI) classification.