News

Domestic equity benchmarks suffered sharp losses on Friday amid a broad-based sell-off after US President Donald Trump announced a 100 per cent tariff on branded and patented drugs that battered pharma stocks while IT shares weakened following Accenture's quarterly earnings pointed to muted demand for technology. The Trump 2.0 also announced other tariff actions, fuelling fresh concerns about the impact of US levies on global trade. Both headline indices fell 0.9 per cent for the day. The Sensex gave up 733.2 points to end at 80,426.5 while the Nifty50 gave up 220.2 points to 24,670.7. 

IndusInd Bank, Mahindra & Mahindra, Tata Steel, Eternal, Bajaj Finance, Sun Pharma, Asian Paints, Tech Mahindra, Wipro and Infosys -- closing between 2.2 per cent and 3.9 per cent lower -- were the worst hit among the 44 losers in the Nifty50 basket. 

On the other hand, Larsen & Toubro, Tata Motors and ITC -- closing between 1.2 per cent and 2.7 per cent higher -- were the top gainers in the 50-blue-chip pack. 

Add Zee Business as a Preferred Source

IT and pharmaceutical shares were at the forefront of Friday's sell-off as investors fretted over negative international cues. The world's largest economy  accounts for more than one-third of India's pharmaceutical exports. As investors awaited the onset of the domestic earnings season roughly a fortnight away, Accenture's full-year revenue growth outlook of 2-5 per cent fell short of market estimates, turning IT investors cautious on Dalal Street. TCS is slated to kick off the quarterly earnings season on October 9. 

The Nifty IT, Nifty Pharma and Nifty Bank indices tanked 2.5 per cent, 1.1 per cent and 2.1 per cent respectively. Financial services, IT and healthcare shares form 51 per cent of the Nifty50 by weight.

ALSO READ: Market guru Anil Singhvi shares Navratna SIP pick, recommends buying largecap glass and window solutions provider on every 15% dip 

Among broader indices, the Nifty Midcap 100 and the Nifty Smallcap 100 fell 2.1 per cent and 2.3 per cent respectively, as the minnows joined largecaps in the market fall. 

Volatility index India -- also referred to as the fear index in market parlance -- surged 6.0 per cent to 11.43. 

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

LATEST NEWSBy accepting cookies, you agree to the storing of cookies on your device to enhance site navigation, analyze site usage, and assist in our marketing efforts.