Today’s market ended in the red as banking and pharma stocks weighed heavy on sentiment. The Sensex slipped 156 points, settling above 80,600 while the Nifty closed below 24,380 level.
Sector-wise, pharma stocks dropped over 1 percent.
That’s after U.S. President Trump pushed for faster drug plant approvals and hinted at new tariffs on pharma and semiconductors.
Sun Pharma, with over 70% of revenue from exports, fell 1 percent.
Lupin, Aurobindo, and Cipla were down as much as 3 percent.
On the banking front, Bank of Baroda tanked 10 percent after weak net interest income—its worst session in nearly a year.
This dragged PSU banks down almost 5 percent.
Overall, financials slipped three-quarters of a percent.
Autos were the lone bright spot.
Mahindra & Mahindra gained 1.2 percent, lifting the auto index marginally higher.
Experts say the market is now consolidating—thanks to rising geopolitical tensions, muted earnings, and caution ahead of the U.S. Fed policy decision.
Globally, sentiment was mixed.
Europe’s STOXX 600 slipped, Germany’s DAX dropped 1 percent, while FTSE edged higher.
China reopened post-holiday with modest gains.
The Rupee closed at 84.43 against the dollar, down 0.2 percent. And in commodities, Brent crude rebounded 3 percent to over 61 dollars a barrel…
while gold surged to a one-week high at 3,375 dollars an ounce.
That’s your market wrap—stay tuned for more on ET Markets.