The impact of 100% tariff on medicines deepened on the Indian stock market today. The Sensex, Nifty and Bank Nifty recorded a steep decline. The Sensex fell 733.22 points to close at 80,426.46, while the Nifty fell 236.15 points to close at 24,654.70. Bank Nifty also saw a huge decline and fell 586.85 points to close at 54,389.35.
Pharma and IT stocks were under heavy pressure due to tariffs and visa related issues. There was also heavy selling in banking shares. Except for the top 30 shares of BSE, 26 shares closed down with a fall. Mahindra & Mahindra’s shares fell by 3.70%. This was followed by 3-3% decline in shares of Bajaj Finance, Sun Pharma and Zomato.
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Heavy losses to investors
Yesterday, the market capitalization of BSE was ₹ 457.35 lakh crore, which closed at ₹ 450.55 lakh crore after today’s heavy fall. This means that investors lost about ₹ 7 lakh crore in evaluation.
What were the reasons for the decline in the stock market today?
Fee on Pharma region: Donald Trump announced a 100% duty on import of branded and patent drugs from 1 October. He also planned to impose 50% on kitchen cabinet and bathroom vanity, 30% on upholstered furniture and 25% on heavy trucks. After this announcement, the Nifty Pharma fell 2.55%.
IT stocks also decline: Indian IT sector also declined drastically due to an increase in H-1B visa fee. Now, the weak quarterly results of the axcher have further deteriorated the perception. The Nifty IT index declined by 1.3%. Foreign investors sell: On September 25, foreign investors extracted ₹ 4,995 crore from the Indian stock market. So far this month shares worth worth ₹ 24,454 crore have been sold.
Heavy pressure on pharma shares
Most of the pharma stocks declined due to tariff rates. Sun Pharma in Intrade 3.8%, Gland Pharma 3.7%, Natco 3.5% and Dives Labs 3% fell. Biocon shares fell by 2.5%. In addition, the shares of IPCA Labs and Zidas Life declined by more than 2%.