The headline equity indices closed sharply lower, extending their losing streak to a sixth session. Sentiment weakened after U.S. President Donald Trump announced a 100% tariff on branded drug imports effective October 1, 2025, while continued FII selling and concerns over H1B visas added to the pressure. The Nifty ended below 24,700 as IT, consumer durables and pharma stocks led the decline. All NSE sectoral indices finished in the red.

The S&P BSE Sensex dropped 733.22 points or 0.90% to 80,426.46. The Nifty 50 index tanked 236.15 points or 0.95% to 24,654.70. In six consecutive sessions, the Sensex is down 3.11% and the Nifty has tumbled 3.02%.

Mahindra & Mahindra (down 3.70%), Bajaj Finance (down 2.75%) and Infosys (down 2.43%) were major Nifty drags.

The broader market underperformed the frontline indices. The S&P BSE Mid-Cap index fell 1.96% and the S&P BSE Small-Cap index dropped 2.05%.

The market breadth was weak. On the BSE, 1,041 shares rose and 3,100 shares fell. A total of 147 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, jumped 5.95% to 11.43.

Numbers to Track:

The yield on India's 10-year benchmark federal paper rose 0.20% to 6.505 from the previous close of 6.493.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 88.7200 compared with its close of 88.7675 during the previous trading session.

MCX Gold futures for 3 October 2025 settlement gained 0.36% to Rs 1,13,035.

The US Dollar Index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.01% to 98.44.

The United States 10-year bond yield rose 0.12% to 4.179.

In the commodities market, Brent crude for November 2025 settlement fell 31 cents or 0.45% to $69.11 a barrel.

Global Markets:

European market advanced on Friday as investors awaited the upcoming PCE data, the U.S Central Bank's preferred gauge of inflation.

Most Asian market ended lower, led by sharp losses in pharmaceutical stocks after U.S. President Donald Trump announced sweeping new tariffs. Sentiment was further pressured as traders scaled back expectations of aggressive Federal Reserve rate cuts following stronger-than-expected U.S. economic data.

Trump revealed that the U.S. will impose 100% tariffs on imported branded drugs, 25% on heavy-duty trucks, 50% on kitchen cabinets, 50% on bathroom vanities, and 30% on upholstered furniture. The duties are set to take effect on October 1.

On Wall Street, technology stocks extended their pullback for a third consecutive session, weighed down by rising Treasury yields. The S&P 500 slipped 0.50% to 6,604.72, the Nasdaq Composite lost 0.55% to close at 22,384.70, and the Dow Jones Industrial Average fell 0.38% to 45,947.32. The 10-year Treasury yield climbed to 4.2% after jobless claims data came in lower than expected.

Separately, Trump signed an executive order approving a $14 billion proposal to keep TikTok operational in the U.S., according to Vice President JD Vance. The plan, which still requires Beijing's approval, calls for a new joint venture to manage TikTok's U.S. operations, with ByteDance retaining a stake of less than 20%.

New Listing:

Shares of GK Energy were at Rs 167.75 on the BSE, representing a premium of 9.64% compared with the issue price of Rs 153.

The scrip was listed at Rs 165, exhibiting a premium of 7.84% to the issue price. The stock has hit a high of Rs 175.95 and a low of Rs 165. On the BSE, over 32.81 lakh shares of the company were traded in the counter.

Shares of Saatvik Green Energy were at Rs 439.70 on the BSE, representing a discount of 5.44% compared with the issue price of Rs 465.

The scrip was listed at Rs 460, at a 1.08% discount to the issue price. The stock has hit a high of Rs 464.35 and a low of Rs 427.10. On the BSE, over 4.57 lakh shares of the company were traded in the counter.

Stocks in Spotlight:

The Nifty Pharma index dropped 2.14% to 21,507.20. The index slumped 5.19% in five consecutive trading sessions.

Pharma stocks crash after U.S. President Donald Trump announced a 100% tariff on imports of branded or patented drugs from October 1 unless manufacturers begin setting up plants in the U.S.

Laurus Labs was down 7.15%, Biocon down 4.78%, Zydus Lifesciences down 4.35% and Divi's Laboratories down 3.76%. Glenmark was down 2.89%, Granules India down 2.86%, Natco Pharma down 2.65% and Sun Pharma down 2.61%. Lupin was down 2.07%, Mankind Pharma down 2.01%, Alkem Laboratories down 1.72% and Dr. Reddy's Laboratories down 1.66%. Abbott India was down 1.47%, Ajanta Pharma down 0.98%, Gland Pharma down 0.91%, Cipla down 0.68% and Aurobindo Pharma down 0.59%.

Tata Motors rose 1.32%, recovering after a steep two-day selloff triggered by reports of a cyberattack at its UK-based subsidiary Jaguar Land Rover (JLR). The stock had fallen 5.31% in the past two sessions amid concerns over the scale of disruption and reports suggesting JLR could face uninsured damages of up to '2 billion.

Vodafone Idea slumped 7.60% after the Supreme Court deferred hearing on its plea against additional adjusted gross revenue (AGR) dues to October 6.

Paras Defence and Space Technologies slipped 2%. The company said that it has received an international order from Elbit Security Systems, Israel for supplying electro-optics. The said order is valued at $3.8 million (Rs 34 crore), is scheduled to be executed from February 2026 to November 2026.

Kothari Industrial Corporation hit an upper circuit of 2% after the company entered into a Memorandum of Understanding (MoU) with Accademia IUAD, Italy, a reputed Design University, for establishing a Joint Venture in India.

ITCONS E-Solutions added 0.73%. The company has secured a significant domestic contract from Hindustan Aeronautics (HAL), operating under the Department of Defence Production, Ministry of Defence, for the supply of skilled manpower services.

Solarium Green Energy added 1% after the company has won a domestic contract worth approximately Rs 4.34 crore from NTPC Vidyut Vyapar Nigam (NVVN) for the development of a 1320 kW rooftop solar project at AIIMS-Rishikesh, Uttarakhand.

Kothari Industrial Corporation hit an upper circuit of 2% after the company entered into a Memorandum of Understanding (MoU) with Accademia IUAD, Italy, a reputed Design University, for establishing a Joint Venture in India.

Ashiana Housing shed 0.85%. The company said that its board has approved the reappointment of Vishal Gupta as managing director (MD) of the company for a further period of three years.

RailTel Corporation of India shed 1%. The company has secured a significant domestic contract worth approximately Rs 970.08 crore from the State Project Director, Bihar Education Project Council (BEPC).The project is for establishing physics, chemistry, and biology laboratories in government secondary and senior secondary schools across Bihar. The project is slated for completion by 24 September 2026.The project is part of the Samagra Shiksha 2025'26 initiatives by the state government.

IPO Update:

Pace Digitek received bids for 44,33,872 shares as against 2,76,06,555 shares on offer, according to stock exchange data at 16:48 IST on Friday (26 September 2025). The issue was subscribed 0.16 times.

The issue opened for bidding on Thursday (25 September 2025) and it will close on Monday (29 September 2025). The price band of the IPO is fixed between Rs 115 and Rs 121 per share. An investor can bid for a minimum of 120 equity shares and in multiples thereof.

Jinkushal Industries received bids for 3,38,74,200 shares as against 67,21,048 shares on offer, according to stock exchange data at 16:48 IST on Friday (26 September 2025). The issue was subscribed 5.04 times.

The issue opened for bidding on Thursday (25 September 2025) and it will close on Monday (29 September 2025). The price band of the IPO is fixed between Rs 115 and Rs 121 per share. An investor can bid for a minimum of 120 equity shares and in multiples thereof.

TruAlt Bioenergy received bids for 99,92,970 shares as against 1,23,55,424 shares on offer, according to stock exchange data at 16:48 IST on Friday (26 September 2025). The issue was subscribed 0.81 times.

The issue opened for bidding on Thursday (25 September 2025) and it will close on Monday (29 September 2025). The price band of the IPO is fixed between Rs 472 and Rs 496 per share. An investor can bid for a minimum of 30 equity shares and in multiples thereof.

BMW Ventures received bids for 3,49,81,717 shares as against 2,34,00,000 shares on offer, according to stock exchange data at 16:48 IST on Friday (26 September 2025). The issue was subscribed 1.49 times.

The issue opened for bidding on Wednesday (24 September 2025) and it will close on Friday (26 September 2025). The price band of the IPO is fixed between Rs 94 and Rs 99 per share. An investor can bid for a minimum of 151 equity shares and in multiples thereof.

Epack Prefab Technologies received bids for 5,41,95,930 shares as against 1,76,70,103 shares on offer, according to stock exchange data at 16:48 IST on Friday (26 September 2025). The issue was subscribed 3.07 times.

The issue opened for bidding on Wednesday (24 September 2025) and it will close on Friday (26 September 2025). The price band of the IPO is fixed between Rs 194 and Rs 204 per share. An investor can bid for a minimum of 73 equity shares and in multiples thereof.

Jain Resource Recycling received bids for 49,63,39,456 shares as against 3,12,49,999 shares on offer, according to stock exchange data at 16:48 IST on Friday (26 September 2025). The issue was subscribed 15.88 times.

The issue opened for bidding on Wednesday (24 September 2025) and it will close on Friday (26 September 2025). The price band of the IPO is fixed between Rs 220 and Rs 232 per share. An investor can bid for a minimum of 64 equity shares and in multiples thereof.

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