Sensex slides 578 pts; pharma shares decline

Domestic equity indices traded with substantial losses in the morning trade, weighed down by concerns over potential U.S. trade actions. Sentiment turned cautious after the United States issued a draft notice proposing tariffs of up to 50% on Indian goods, set to take effect from Wednesday.

The Nifty traded below the 24,800 level. Pharma shares declined after advancing in the past three consecutive trading session.

At 10:30 IST, the barometer index, the S&P BSE Sensex, declined 577.88 points or 0.71% to 81,058.03. The Nifty 50 index dropped 170.85 points or 0.69% to 24,797.15.

In the broader market, the S&P BSE Mid-Cap index slipped 0.77% and the S&P BSE Small-Cap index fell 0.94%.

The market breadth was weak. On the BSE, 1,157 shares rose and 2,510 shares fell. A total of 175 shares were unchanged.

The domestic equity market will remain closed tomorrow on account of Ganesh Chaturthi.

New Listings

Shares of Gem Aromatics were currently trading at Rs 342.85 at 10:13 IST on the BSE, representing a premium of 5.49% compared with the issue price of Rs 325.

The scrip was listed at 325, matching the initial public offer (IPO) price.

So far, the stock has hit a high of Rs 346.60 and a low of Rs 325. On the BSE, over 5.13 lakh shares of the company were traded in the counter so far.

Shares of Shreeji Shipping Global were currently trading at Rs 263.95 at 10:18 IST on the BSE, representing a premium of 4.74% compared with the issue price of Rs 252.

The scrip was listed at Rs 271.85, exhibiting a premium of 7.88% to the issue price.

So far, the stock has hit a high of Rs 275 and a low of Rs 253. On the BSE, over 9.89 lakh shares of the company were traded in the counter so far.

Shares of Vikram Solar were currently trading at Rs 363.35 at 10:25 IST on the BSE, representing a premium of 9.44% compared with the issue price of Rs 332.

The scrip was listed at Rs 340, exhibiting a premium of 2.41% to the issue price.

So far, the stock has hit a high of Rs 371.25 and a low of Rs 334.05 On the BSE, over 47.29 lakh shares of the company were traded in the counter so far.

Shares of Patel Retail were currently trading at Rs 299 at 10:25 IST on the BSE, representing a premium of 17.25% compared with the issue price of Rs 255.

The scrip was listed at Rs 305, exhibiting a premium of 19.61% to the issue price.

So far, the stock has hit a high of Rs 305 and a low of Rs 289.75. On the BSE, over 5.43 lakh shares of the company were traded in the counter so far.

Buzzing Index:

The Nifty Pharma index dropped 1.33% to 22,064.95. The index rallied 1.79% in the past three consecutive trading sessions.

Zydus Lifesciences (down 3.44%), Sun Pharmaceutical Industries (down 2.40%), Lupin (down 2.10%), Dr Reddys Laboratories (down 1.66%), Divis Laboratories (down 1.58%), Aurobindo Pharma (down 1.56%), Laurus Labs (down 1.47%), Cipla (down 1.12%), Torrent Pharmaceuticals (down 1%) and Natco Pharma (down 0.84%) declined.

Stocks in Spotlight:

Suraj Estate Developers added 0.12%. The company said that it has acquired a prime 644 square meters land parcel at N.M. Joshi Marg, Lower Parel, Mumbai, for a total consideration of Rs 6.44 crore.

Indusind Bank declined 1.18%. The company said that its board has approved the appointment of Rajiv Anand as the managing director (MD) and chief executive officer (CEO) effective from August 25, 2025 for three years.

3M India shed 0.46%. The company said that its board has approved the appointment of Aseem Joshi as president and managing director (MD) (designate) of the company, effective from 13 October 2025.

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