Nifty below 24,600 level; pharma shares slide

The domestic equity benchmarks traded with modest cuts in the early afternoon trade after the United States imposed an additional 25% tariff on Indian imports, which came into effect a day earlier. Meanwhile, the expiry of Nifty futures monthly contracts contributed to increased market volatility.

The Nifty traded below the 24,600 level. Pharma shares declined for the second consecutive session.

At 11:30 IST, the barometer index, the S&P BSE Sensex, declined 478.80 points or 0.59% to 80,307.74. The Nifty 50 index slipped 119.30 points or 0.48% to 24,589.30.

In the broader market, the S&P BSE Mid-Cap index slipped 0.51% and the S&P BSE Small-Cap index fell 0.40%.

The market breadth was negative. On the BSE, 1,618 shares rose and 2,275 shares fell. A total of 188 shares were unchanged.

Derivatives:

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, rose 1.20% to 12.34. The Nifty 28 August 2025 futures were trading at 24,713.40, at a premium of 124.1 points as compared with the spot at 24,802.80.

The Nifty option chain for the 28 August 2025 expiry showed a maximum call OI of 195.7 lakh contracts at the 25,000 strike price. Maximum put OI of 281 lakh contracts was seen at 24,600 strike price.

Buzzing Index:

The Nifty Pharma index declined 0.65% to 21,847.35. The index dropped 2.3% in two consecutive trading sessions.

Gland Pharma (down 2.13%), Ajanta Pharma (down 1.71%), Sun Pharmaceutical Industries (down 1.63%), Zydus Lifesciences (down 1.45%), Aurobindo Pharma (down 1.39%), Lupin (down 1.27%), Ipca Laboratories (down 0.87%), Mankind Pharma (down 0.76%), Alkem Laboratories (down 0.73%) and Dr Reddys Laboratories (down 0.63%) declined.

On the other hand, Natco Pharma (up 1.36%), Granules India (up 0.8%) and Laurus Labs (up 0.6%) edged higher.

Stocks in Spotlight:

Websol Energy System added 3.56% after the company announced that its board will meet on Monday, 01 September 2025, to consider a proposal for undertaking the sub-division of the equity shares of the company.

Rail Vikas Nigam rose 0.06%. The company has signed a joint venture agreement with Texmaco Rail & Engineering for undertaking projects in the railway and allied infrastructure sectors.

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