At 13:28 IST, the barometer index, the S&P BSE Sensex tanked 663.05 points or 0.80% to 83,516.15. The Nifty 50 index declined 199.85 points or 0.79% to 25,156.20.

In the broader market, the S&P BSE Mid-Cap index shed 0.75% and the S&P BSE Small-Cap index declined 0.55%.

The market breadth was negative. On the BSE, 1,437 shares rose and 2,397 shares fell. A total of 195 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, rose 1.82% to 11.89.

Gainers & Losers:

Hindustan Unilever (up 4.45%), Sbi Life Insurance Company (up 1.04%), Axis Bank (up 0.54%), Nestle India (up 0.53%) and Eternal (up 0.49%) were the major Nifty50 gainers.

Tata Consultancy Services (down 3.25%), Apollo Tyres (down 2.40%), Mahindra and Mahindra (down 2.33%), Bajaj Auto (down 2.27%) and Wipro (down 2.24%) were the major Nifty50 Losers.

Hindustan Unilever (HUL) surged 4.45% after the FMCG major announced the appointment of Priya Nair as its next chief executive officer and managing director, effective 1 August 2025.

Tata Consultancy Services (TCS) declined 3.25% following a drop in total contract value (TCV), elevated attrition rate and cautious management commentary in Q1 FY26.

Stocks in Spotlight:

Glenmark Pharmaceuticals hit an upper limit of 10% after its subsidiary Ichnos Glenmark Innovation (IGI) unveiled a global commercialization strategy for its lead investigational oncology asset, ISB 2001.

Indian Renewable Energy Development Agency (IREDA) declined 5.26% after the company’s consolidated net profit declined 35.7% to Rs 246.88 crore despite a 29.7% increase in total income to Rs 1,959.84 crore in Q1 FY26 over Q1 FY25.

Anand Rathi Wealth rose 4.27% after the company reported a 27.8% jump in consolidated net profit to Rs 93.62 crore on 15.8% increase in total income to Rs 284.26 crore in Q1 FY26 over Q1 FY25.

Global Markets:

European markets opened lower on Friday after data revealed that the U.K. economy unexpectedly contracted again in May, unable to recover from the impact of U.S. tariffs and ongoing business uncertainty.

According to data from the Office for National Statistics, U.K. gross domestic product (GDP) fell by 0.1% in May on a monthly basis, following a 0.3% contraction in April, the largest decline since October 2023.

Asian stocks traded higher. U.S. President Donald Trump announced 35% tariffs on Canada starting Aug 1. The new duties will be in addition to Trump’s recent sectoral tariffs. Trump attributed fentanyl and Canada’s retaliatory tariffs as reasons for the rate. The 35% duty might be increased if Canada continues to retaliate, Trump said.

Trump also told reporters Thursday that his administration is preparing to impose blanket tariffs of 15% to 20% on a broader set of trade partners, adding another layer of uncertainty to global trade dynamics.

Despite the rising geopolitical tension, Wall Street closed higher overnight, with the S&P 500 and Nasdaq setting fresh record highs. The S&P 500 gained 0.27%, the Nasdaq edged up 0.09%, and the Dow Jones Industrial Average rose 0.43%, lifted largely by strong performance in chip stocks.

Semiconductor stocks rallied 1% after Taiwan Semiconductor Manufacturing Co. (TSMC) reported a robust 40% jump in Q2 sales, beating expectations and reinforcing optimism around AI-led demand.

Advanced Micro Devices also gained momentum following an upgrade to "buy" by a broker, while Nvidia extended its rally a day after breaching the $4 trillion market cap mark for the first time.