Mumbai: Benchmark stock indices Sensex and Nifty fell nearly one percent on Friday, marking their sixth consecutive day of decline, following significant sell-offs in pharmaceutical and IT stocks after US President Donald Trump announced a 100 percent duty on branded drugs starting next month. The 30-share BSE Sensex dropped 733.22 points or 0.90 percent, closing at a three-week low of 80,426.46. It had plummeted by 827.27 points or one percent during the day to 80,332.41 points. The 50-share NSE Nifty fell 236.15 points or 0.95 percent, reaching an over three-week low of 24,654.70 points. The index has been on a downward trend since September 19, declining over three percent across six consecutive sessions.
Since Friday, the Sensex has decreased by 2,587.50 points or 3.16 percent. Most pharmaceutical stocks declined, causing the BSE Healthcare index to drop by 2.14 percent following Trump’s announcement of 100 percent import tariffs on branded and patented pharmaceuticals starting October 1. Wockhardt shares fell by 9.4 percent, with Laurus Labs, Biocon, Zydus Life, Glenmark, Sun Pharma, and Dr. Reddy’s also experiencing losses. In a post on the social media platform Truth Social, Trump commented on the tariffs. Among Sensex firms, Mahindra & Mahindra, Eternal, Tata Steel, Bajaj Finance, Asian Paints, Sun Pharma, Tech Mahindra, Infosys, Tata Consultancy Services, and HCL Tech were the biggest losers. Conversely, Larsen & Toubro, Tata Motors, ITC, and Reliance Industries gained.
“Indian equities ended sharply lower on Friday in a broad-based sell-off after the US announced a steep 100 percent tariff on imports of branded and patented pharmaceutical products effective October 1. The unexpected move unsettled already fragile investor sentiment, which was still processing the recent increase in H-1B visa fees that had triggered heavy selling in IT stocks this week. Both IT and healthcare stocks were significantly affected, dragging the broader indices down as investors rushed to reevaluate earnings outlooks and export growth prospects,” said Ponmudi R, CEO of Enrich Money.