MUMBAI: Indian benchmarks fell in a broad-based sell-off on Friday, led by pharma shares after US President Donald Trump announced a 100percent levy on branded and patented drugs, while IT stocks fell after Accenture’s revenue outlook indicated sluggish demand.
The Nifty 50 and the BSE Sensex shed 0.47 percent each to 24,774.3 and 80,775.23 points, respectively, as of 10:21 a.m. IST. The indexes are on course for a sixth consecutive session of losses. Fifteen of the 16 major sectors traded lower on the day. The pharma index was the biggest loser, dropping 2.4 percent on uncertainty over the impact of Trump’s tariffs on the sector.
The broader mid-caps and small-caps dropped 0.8 percent and 1.2 percent, respectively. Trump on Thursday unleashed a fresh round of punishing tariffs on a broad range of imported goods, including branded and patented drugs, and heavy-duty trucks, effective October 1.
The US accounts for slightly more than a third of India’s pharmaceutical exports, which comprise mainly cheaper generic versions of popular drugs. Exports to the country rose 20percent to about USD10.5 billion in fiscal 2025.