Indian benchmark indices extended their losses during early trade (Img: Pexels)
Mumbai: Indian benchmark indices extended their losses during early trade on Wednesday, with selling pressure spreading across pharmaceutical, banking, information technology and broader-market shares.
At around 9:50 am, the BSE Sensex was trading 614 points lower at 76,856, while the NSE Nifty had declined 175 points to 24,013 after touching an intraday low near 24,012. Earlier, Reuters reported the Nifty down at 24,089.20 and the Sensex at 77,079.37 shortly after the opening bell, confirming a weak start to the session.
Pharmaceutical shares came under sharp pressure after US President Donald Trump announced a phased tariff plan for imported generic medicines. The proposal reportedly includes steep duties beginning in 2028 after a two-year adjustment period, raising concerns about the earnings outlook for Indian drug exporters.
The Nifty Pharma index fell sharply, while Sun Pharma, Cipla, Dr Reddy’s Laboratories, Lupin and other major drugmakers traded lower.
Financial stocks witnessed broad-based selling, with private banks, public-sector banks and the broader financial services index all declining. IndusInd Bank was among the biggest Sensex laggards, followed by SBI, Axis Bank, HDFC Bank and ICICI Bank.
IT and realty shares also remained under pressure, while automobile stocks were among the few pockets of strength.
The weakness was more pronounced in the broader market, with midcap and smallcap indices falling faster than the benchmarks. Rising volatility indicated growing caution among traders.
Elevated crude oil prices also weighed on sentiment amid concerns that the widening West Asia conflict could disrupt supplies. Brent crude traded above $91 a barrel, increasing worries about inflation and India’s import bill.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. Please consult your financial advisor before making any investment decisions.
