Sensex, Nifty trade lower; pharma shares tumble

The domestic equity indices continued to trade with moderate cuts in the early afternoon trade. as investor sentiment weakened following fresh tariff threats from U.S. President Donald Trump over India's continued imports of Russian oil. However, market participants will monitor ongoing earnings season. The Nifty traded below the 24,700 level.

Pharma shares declined after advancing in thepast trading session.

At 12:25 IST, the barometer index, the S&P BSE Sensex, dropped 237.66 points or 0.29% to 80,777.41. The Nifty 50 index declined 57.45 points or 0.28% to 24,655.20.

In the broader market, the S&P BSE Mid-Cap index fell 0.11% and the S&P BSE Small-Cap index shed 0.15%.

The market breadth was negative. On the BSE, 1,774 shares rose and 2,047 shares fell. A total of 193 shares were unchanged.

Trump Tariffs:

U.S. President Donald Trump has announced his plans to significantly raise tariffs on Indian exports to the country.

India is not only buying massive amounts of Russian oil, but they are then, for much of the oil purchased, selling it on the open market for big profits,' Trump reportedly wrote on a social media platform.

India said it was being 'targeted' by the U.S. and the European Union over its imports of Russian oil after U.S. President Donald Trump, in an overnight social media post, threatened New Delhi with much steeper tariffs.

India began importing oil from Russia only after traditional supplies were diverted to Europe following the outbreak of the Russia-Ukraine war in 2022, the Indian foreign ministry reportedly said in a statement.

The ministry stated that it was revealing that the very nations criticizing India'namely the EU and the U.S.'were themselves engaging in trade with Russia.

The EU's bilateral trade with Russia stood at 67.5 billion euros ($78.1 billion) in 2024, while its services trade in 2023 was at 17.2 billion euros, according to European Commission data. Citing that data, India said the bloc's trade was 'significantly more' than India's total trade with Russia.

Economy

The seasonally adjusted HSBC India Services PMI Business Activity Index edged up to 60.5 in July 2025 from 60.4 in June, indicating a sustained expansion in the country's services sector.

Indian service providers reported a notable improvement in international demand, securing new business from Asia, Canada, Europe, the UAE, and the US. The pace of expansion in external sales was sharp, marking the second-fastest growth in a year, trailing only May's performance.

The HSBC India Composite PMI Output Index was up fractionally from 61.0 in June to 61.1 in July, indicating a sharp rate of expansion that was the quickest since April 2024.

Derivatives:

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, down 1.14% to 11.83. The Nifty 31 July 2025 futures were trading at 24,718.20 at a premium of 63 points as compared with the spot at 24,655.20.

The Nifty option chain for the 28 August 2025 expiry showed a maximum call OI of 58 lakh contracts at the 25,000 strike price. Maximum put OI of 38.8 lakh contracts was seen at 24,000 strike price.

Buzzing Index:

The Nifty Pharma index declined 0.84% to 21,968.35. The index advanced in the past trading session.

Aurobindo Pharma (down 2.24%), Biocon (down 1.94%), Gland Pharma (down 1.83%), Granules India (down 1.64%), Glenmark Pharmaceuticals (down 1.54%), Divis Laboratories (down 1.26%), Dr Reddys Laboratories (down 1.02%), Sun Pharmaceutical Industries (down 1.01%), Mankind Pharma (down 1%) and Lupin (down 0.95%) declined.

Stocks in Spotlight:

Angel One shed 0.33%. The broker's client base jumped 28.18% to 33.06 million in July 2025, compared with 25.79 million in the same month last year.

GPT Infraprojects jumped 6.66% after the company's consolidated net profit surged 39.84% to Rs 23.48 crore in Q1 FY26 as against Rs 23.48 crore posted in Q1 FY25.

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