Domestic equity indices remained under pressure and were trading lower with cut of over half percent in late morning deals as market participants indulged in reducing their positions. Hectic selling in ICICI Bank, Axis Bank, Interglobe Aviation, Bajaj Finserv and Ultratech Cement companies’ stocks dragged both the Sensex and Nifty below their psychological 79,500 and 24,650 levels, respectively. Sentiments remained weak on rising conflict in the Middle East. Iran claimed that it has struck a U.S. oil tanker in the northern Persian Gulf, raising fears of a wider conflict after the Islamic republic threatened to halt shipping through the vital Strait of Hormuz. Meanwhile, US Defense Secretary Pete Hegseth has signaled a possible longer time frame for the conflict than has previously been floated by the Trump administration, saying the war could last up to eight weeks but might be over sooner.

On the global front, Asian markets were trading mostly in green despite weak cues from the US markets overnight. Back home, on the BSE sectoral front, traders were seen piling up positions in Capital Goods, Power, Utilities, IT and Industrials, whiles selling was witnessed in Realty, Bankex, Auto, Consumer Discretionary and Oil & Gas. 

The BSE Sensex is currently trading at 79470.00, down by 545.90 points or 0.68% after trading in a range of 79394.82 and 79753.03. There were 11 stocks advancing against 19 stocks declining on the index.

The top gaining sectoral indices on the BSE were Capital Goods up by 1.52%, Power up by 0.92%, Utilities up by 0.66%, IT up by 0.57% and Industrials up by 0.53% while, Realty down by 1.61%, Bankex down by 1.16%, Auto down by 0.66%, Consumer Discretionary down by 0.50% and Oil & Gas down by 0.46% were the top losing indices on BSE.

The top gainers on the Sensex were Bharat Electronics up by 2.32%, Reliance Industries up by 1.91%, NTPC up by 1.55%, HCL Technologies up by 0.97% and Infosys up by 0.74%. On the flip side, ICICI Bank down by 2.42%, Axis Bank down by 2.08%, Interglobe Aviation down by 1.99%, Bajaj Finserv down by 1.98% and Ultratech Cement down by 1.83% were the top losers.

Meanwhile, the Pharmaceuticals Export Promotion Council of India (Pharmexcil) has said that Indian pharmaceutical industry could face losses between Rs 2,500 crore and Rs 5,000 crore due to the several supply and freight movement disruptions owing to escalating conflict in the West Asia. The Gulf Cooperation Council (GCC) countries currently account for 5.58 per cent of total Indian pharmaceutical exports.

Pharmexcil Chairman Namit Joshi has stated that recent Pharmexcil data shows Indian pharmaceutical exports to the Middle East (WANA region) grew from $1,320.44 million in FY20-21 to $1,749.68 million in FY24-25. He noted that countries like UAE, Saudi Arabia, Oman, Kuwait, and Yemen are heavily dependent on Indian medicines and generic formulations. He said data also indicates significant growth in emerging markets such as Jordan, Kuwait and Libya, as well as product categories like vaccines, surgical products and AYUSH formulation. Pharmaceutical exports, particularly to GCC and West Asia-North Africa (WANA) regions, are likely to be impacted significantly amid ongoing challenges in the global freight market. He said the doubling of freight charges for both imports and exports, accompanied by surcharges of $4,000-$ 8,000 per shipment has put substantial pressure on Indian pharmaceutical companies. 

He stressed on a need for increased collaboration with government authorities to seek possible freight relief measures, such as subsidies or logistical support for pharma exporters, diversification of shipping routes and exploration of alternate logistics options to ensure the stability of pharmaceutical supply chains. Besides, he said there should be continued dialogue with international regulatory bodies to ensure that pharmaceutical products maintain timely availability in key markets despite the logistical challenges.   

The CNX Nifty is currently trading at 24620.45, down by 145.45 points or 0.59% after trading in a range of 24575.15 and 24700.90. There were 15 stocks advancing against 35 stocks declining on the index.

The top gainers on Nifty were Bharat Electronics up by 2.28%, Reliance Industries up by 2.04%, NTPC up by 1.51%, HCL Technologies up by 0.95% and Hindalco up by 0.80%. On the flip side, ICICI Bank down by 2.31%, Max Healthcare down by 2.25%, Interglobe Aviation down by 2.07%, Bajaj Finserv down by 2.01% and Axis Bank down by 1.99% were the top losers.

Asian markets were trading mostly in green; Nikkei 225 surged 262.94 points or 0.48% to 55,541.00, Shanghai Composite strengthened 18.1 points or 0.44% to 4,126.67, KOSPI increased 14.71 points or 0.26% to 5,598.61, Hang Seng advanced 451.66 points or 1.78% to 25,773.00 and Straits Times rose 4.16 points or 0.09% to 4,850.72. However, Taiwan Weighted lost 73.4 points or 0.22% to 33,599.54, Jakarta Composite plunged 201.44 points or 2.68% to 7,509.10.