Benchmarks trade with deep cuts; pharma shares drop

The key equity indices continued to trade with significant cuts in the early afternoon trade, witnessing selling pressure as investors remained cautious amid concerns over the impact of Trump's tariff decision. Market sentiment turned risk-averse, with participants adopting a risk-off approach. Going forward, investors will closely monitor crude oil prices, FII activity and development on the tariff front. The Nifty hovered below the 24,450 mark.

Pharma shares declined after advancing in the past trading session.

At 12:25 IST, the barometer index, the S&P BSE Sensex dropped 575.35 points or 0.71% to 80,044.96. The Nifty 50 index declined 172.45 points or 0.70% to 24,424.10.

In the broader market, the S&P BSE Mid-Cap index declined 0.89% and the S&P BSE Small-Cap index fell 0.35%.

The market breadth was negative. On the BSE, 1,714 shares rose and 2,128 shares fell. A total of 153 shares were unchanged.

Derivatives:

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, up 2.01% to 11.92. The Nifty 28 August 2025 futures were trading at 24,498.90 at a premium of 74.8 points as compared with the spot at 24,424.10.

The Nifty option chain for the 28 August 2025 expiry showed a maximum call OI of 64.2 lakh contracts at the 25,000 strike price. Maximum put OI of 43 lakh contracts was seen at 24,000 strike price.

Buzzing Index:

The Nifty Pharma index declined 0.81% to 21,510. The index rose 0.75% in the past trading session.

Biocon (down 3.89%), Natco Pharma (down 2.39%), Divis Laboratories (down 1.8%), Mankind Pharma (down 1.69%), Aurobindo Pharma (down 1.3%), Alkem Laboratories (down 1.27%), Glenmark Pharmaceuticals (down 1.19%), Gland Pharma (down 0.92%), Granules India (down 0.92%) and Laurus Labs (down 0.78%) tumbled.

Stocks in Spotlight:

KRBL surged 10.40% after the company's consolidated net profit jumped 74% to Rs 150.58 crore on 32.1% increase in net sales to Rs 1,584.35 crore in Q1 June 2025 over Q1 June 2024.

Data Patterns (India) tumbled 6.72% after the company's standalone net profit fell 22.23% to Rs 25.50 crore in Q1 FY26, compared to Rs 32.79 crore posted in Q1 FY25. Revenue from operations declined 4.56% year-on-year (YoY) to Rs 99.33 crore in the quarter ended 30 June 2025.

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