Indian stock markets kicked off Friday on a sour note, dragged down by U.S. President Donald Trump’s fresh tariff plans on pharmaceutical imports and ongoing sales from foreign investors. As trading hit 9:25 a.m. in Mumbai, the Sensex fell 388 points, or 0.48%, to 80,771, while the Nifty dropped 119 points, or 0.48%, to 24,771.
The big trigger? Trump’s announcement of tariffs up to 100% on branded and patented drugs from October 1, 2025. That news sent shares of Indian and other Asian pharma companies tumbling. The U.S. remains India’s top buyer for pharmaceutical exports, snapping up 31% of the country’s shipments. But experts point out that India mostly exports generic drugs, so the direct hit might be limited—for now. Still, they warn of a “sentimental blow” to pharma stocks, as Trump could eye generics next.
Trump didn’t stop at drugs. He also slapped a 50% duty on kitchen cabinets and bathroom vanities, 30% on upholstered furniture, and 25% on heavy trucks. These moves are rippling through global trade, especially for exporters like India.
Smaller stocks felt the pressure too. The Nifty Midcap 100 index slipped 0.18%, and the Nifty Smallcap 100 edged down 0.20%. On the Nifty, top losers included Cipla, Dr. Reddy’s Laboratories, Titan Company, Asian Paints, and Bajaj Finance. Bucking the trend, gainers were Larsen & Toubro, Hero MotoCorp, Hindalco, Tata Steel, and ONGC.
Sector-wise, the Nifty Pharma index took the hardest hit, plunging 2.39%. Nifty PSU Bank fell 1.11%, and the Nifty Healthcare index dropped 2.20%.
From a technical view, the Nifty’s close below 25,000 signals stronger downward momentum. Traders now see resistance around 25,000 to 25,050, with support nearby at 24,700 to 24,750.
This gloom isn’t just an Indian story. U.S. markets closed lower overnight, with the Nasdaq down 0.50%, S&P 500 off 0.50%, and Dow Jones slipping 0.38%. Asian markets followed suit in early trading: China’s Shanghai Composite lost 0.18% and Shenzhen shed 0.79%; Japan’s Nikkei fell 0.43%; Hong Kong’s Hang Seng dropped 0.79%; and South Korea’s Kospi tumbled 2.52%.
Market watchers say the global mood is darkening as the U.S. economy flirts with stagflation—slower growth, rising unemployment, and stubborn inflation. Adding to the woes, foreign institutional investors (FIIs) dumped Indian equities worth Rs 4,995 crore on Thursday, though domestic institutional investors (DIIs) stepped in to buy Rs 5,000 crore worth.
With tariffs shaking up trade and investor nerves on edge, keep an eye on how these Indian stock market trends play out amid the broader economic shifts.
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