Stock Market Today: After the announcement of US President Donald Trump to impose 100 percent tariff on medicines from next month, there was tremendous pressure on the Indian market. Pharma and IT shares were sold on fast on Friday. The 30 -point Sensex on BSE, where 733 points fell 0.90 percent to close at the lowest level of three weeks. Whereas, the Nifty 50 on NSE also fell 236.15 points or 0.95 percent to 24,654.70 points. This was the sixth consecutive session when the last trading day of the week declined.
Shares of pharmaceutical companies rolled
After the US President’s decision to apply 100% tariffs on the drugs from October 1, the stocks of most pharma companies declined. While the BSE Healthcare Index fell down 2.14%, while the stocks’ shares saw a big decline of 9.4%.
Among the companies in the Group of Sensex, Mahindra & Mahindra, Mahindra, Tata Steel, Bajaj Finance, Asian Paints, Sun Pharma, Tech Mahindra, Infosys, Tata Consultancy Services and HCL Tech saw the biggest decline. At the same time, the shares of Larsen & Toubro, Tata Motors, ITC and Reliance Industries saw a boom trend.
What do market experts say?
Online Business and Property Technology firm Enrich Money CEO Ponmudi R. Says that the trump administration was a huge decline due to widespread selling in Indian stock markets after the trump administration announced to impose 100% tariffs on imports of branded and patent drugs. This unexpected step worked to further spoil the perception of weak investors already. After the recent decision to increase the H-1B visa fee, there was a huge selling in IT stocks.
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