Benchmarks trade with small cuts; pharma shares slide

The frontline indices continued to trade with minor losses in the mid-morning trade, as investor sentiment remained cautious amid global uncertainty triggered by U.S. President Donald Trump's announcement of steep import tariffs on key trading partners. The Nifty traded below the 25,500 level. Pharma shares extended losses for the second consecutive trading session.

At 11:30 IST, the barometer index, the S&P BSE Sensex, declined 20.01 points or 0.02% to 83,460.19. The Nifty 50 index lost 9.05 points or 0.03% to 25,452.25.

The broader market underperformed the frontline indices. The S&P BSE Mid-Cap index shed 0.58% and the S&P BSE Small-Cap index fell 0.64%.

The market breadth was negative. On the BSE, 1,578 shares rose and 2,157 shares fell. A total of 202 shares were unchanged.

IPO Update:

The initial public offer (IPO) of Travel Food Services received bids for 19,75,467 shares as against 1,34,12,842 shares on offer, according to stock exchange data at 11:20 IST on Tuesday (8 July 2025). The issue was subscribed 0.15 times.

The issue opened for bidding on Monday (7 July 2025) and it will close on Wednesday (9 July 2025). The price band of the IPO is fixed between Rs 1,045 and 1,100 per share. An investor can bid for a minimum of 13 equity shares and in multiples thereof.

Buzzing Index:

The Nifty Pharma index fell 1.42% to 22,047. The index declined 1.51% in the past two trading sessions.

Aurobindo Pharma (down 3.76%), Lupin (down 2.95%), Zydus Lifesciences (down 2.63%), Granules India (down 2.47%), Dr Reddys Laboratories (down 2.18%), Cipla (down 1.75%), Laurus Labs (down 1.38%), Sun Pharmaceutical Industries (down 1.33%), Ajanta Pharma (down 1.33%) and Torrent Pharmaceuticals (down 1.31%) fell.

On the other hand, Divis Laboratories (up 0.95%), Gland Pharma (up 0.44%) and Mankind Pharma (up 0.04%) edged higher.

Stocks in Spotlight:

Tata Motors rose 0.04%. The company said that Jaguar Land Rovers wholesale volumes for Q1 FY26 were 87,286 units (excluding the Chery Jaguar Land Rover China JV), down 10.7% compared with Q1 FY25.

Royal Orchid Hotels (ROHL) rose 0.97%. The company announced a new property launch, Regenta Central Shivani, in Solapur, Maharashtra.

Global Markets:

Asian markets saw broad gains, brushing off fresh tariff threats from US President Donald Trump. Trump, in a series of posts on Truth Social, announced steep new duties on goods from 14 countries, including key Asia-Pacific partners.

Starting August 1, exports to the US from Japan, South Korea, Malaysia, Kazakhstan, and Tunisia will face 25% tariffs. Indonesia is set to be hit with a 32% excise duty, while Bangladesh, Cambodia, and Thailand will see 35% to 36% rates. Imports from Laos and Myanmar will be subject to a 40% duty.

Despite the tariff escalation, risk appetite remained firm across Asian bourses, though Wall Street reflected a more cautious tone overnight.

US stocks pulled back from record highs on Monday, pressured by profit-taking and increased risk aversion in the tech sector. The S&P 500 fell 0.8%, the Nasdaq Composite dropped 0.9%, and the Dow Jones Industrial Average also slid 0.9%.

Tesla shares plunged, wiping out $68 billion in market capitalization, after CEO Elon Musk announced plans to launch a new political party. The move sparked concerns over further distractions from his leadership at the EV giant.

In positive corporate news, Kalvista Pharmaceuticals rallied after the FDA approved its on-demand oral treatment for hereditary angioedema, marking the first of its kind in the US market.

Looking ahead, investors are awaiting the minutes of the Federal Reserves June policy meeting, scheduled for release Wednesday.

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