MUMBAI: The benchmark stock indices Sensex and Nifty witnessed a steep tumble of nearly 1% on Friday, marking six consecutive days of decline. This downturn followed heavy selling in pharma and IT shares after US President Donald Trump declared a 100% duty on pharmaceutical drugs, effective October 1, 2025.
The 30-share BSE Sensex plunged 733.22 points or 0.90% to settle at a three-week low of 80,426.46. At one point during the day, it dropped a staggering 827.27 points, reaching a low of 80,332.41.
The 50-share NSE Nifty tumbled 236.15 points or 0.95% to close at an over three-week low of 24,654.70. This index has been on a consistent downward trajectory since September 19, losing more than 3% over six trading sessions. Specifically, the Sensex has declined by 2,587.50 points or 3.16% within this period.
The announcement from Trump led to a widespread sell-off in pharma stocks, dragging the BSE Healthcare index down by 2.14%. Notably, Wockhardt shares faced a severe blow, plummeting 9.4%.
In his post on the social media platform Truth Social, Trump asserted, “Starting October 1, 2025, we will be imposing a 100% Tariff on any branded or patented Pharmaceutical Product, unless a Company IS BUILDING their Pharmaceutical Manufacturing Plant in America.” He clarified that the term “IS BUILDING” refers to companies that have broken ground or are already under construction. Hence, products will not face tariffs if construction has started.
Among the major firms on Sensex, Mahindra & Mahindra, Eternal, Tata Steel, Bajaj Finance, Asian Paints, Sun Pharma, Tech Mahindra, Infosys, Tata Consultancy Services, and HCL Tech emerged as the biggest losers.
Conversely, companies like Larsen & Toubro, Tata Motors, ITC, and Reliance Industries posted gains amidst the market turmoil.
“Indian equities ended sharply lower on Friday in a broad-based sell-off after the US announced a steep 100% tariff,” stated Ponmudi R, CEO of Enrich Money, an online trading and wealth tech firm. “This unexpected move rattled already fragile investor sentiment, especially after the recent hike in H-1B visa fees, which had already triggered significant selling pressures in IT counters this week.”
Both IT and healthcare stocks bore the brunt of the sell-off, as investors rushed to reassess their outlooks on earnings and export growth prospects, further deepening the impact on broader market indices.
In Asian markets, major indices like South Korea’s Kospi, Japan’s Nikkei 225, Shanghai’s SSE Composite, and Hong Kong’s Hang Seng all closed significantly lower.
Meanwhile, equity markets in Europe exhibited positive momentum. However, US markets concluded lower on Thursday, adding to the overall cautious sentiment.
On Thursday, foreign institutional investors (FIIs) offloaded equities worth Rs 4,995.42 crore, reflecting growing concerns over market stability, as per exchange data.
Amid this turmoil, global oil benchmark Brent crude dipped 0.27% to USD 69.23 a barrel.
To add to the prevailing uncertainty, on Thursday, the Sensex had already fallen by 555.95 points or 0.68%, settling at 81,159.68, while the Nifty tumbled 166.05 points or 0.66% to reach 24,890.85.
