INDICES TRADE LOWER; PHARMA SHARES UNDER PRESSURE

The key equity benchmarks continued to trade with significant cuts in mid-morning trade despite positive global cues. Investors are monitoring India-US trade deal and ongoing corporate earnings. The Nifty hovered below 25,000 level

Pharma shares dropped after advancing in the past trading session.

At 11:25 IST, the barometer index, the S&P BSE Sensex declined 493.72 points or 0.60% to 81,757.65. The Nifty 50 index fell 145 points or 0.58% to 24,965.45.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index shed 0.41% and the S&P BSE Small-Cap index declined 0.46%.

The market breadth was weak. On the BSE, 1,399 shares rose and 2,358 shares fell. A total of 197 shares were unchanged.

Buzzing Index:

The Nifty pharma index declined 0.69% to 22,522.90. The index advanced 0.38% in the past trading session.

Lupin (down 1.3%), Divis Laboratories (down 1.3%), Granules India (down 1.15%), Zydus Lifesciences (down 1.06%) and Aurobindo Pharma (down 0.94%), Sun Pharmaceutical Industries (down 0.86%), Ipca Laboratories (down 0.85%), J B Chemicals & Pharmaceuticals (down 0.73%), Cipla (down 0.68%) and Dr Reddys Laboratories (down 0.67%) declined.

Lupin declined 1.3%. The company announced that its wholly owned subsidiary, Lupin Manufacturing Solutions (LMS), has received GMP certification from the Therapeutic Goods Administration (TGA), Australia�s regulatory authority for medicines and medical devices.

Stocks in Spotlight:

Ceat fell 1.04% after the company`s net profit declined 27.06% to Rs 112.45 crore on a 10.54% increase in revenue to Rs 3,529.41 crore in Q1 FY26 over Q1 FY25.

Global Markets:

Asian shares were trading higher on Friday, taking cues from Wall Street`s rally overnight. Investors cheered a batch of upbeat US economic reports and corporate earnings that comfortably beat expectations.

In Japan, inflation showed some signs of cooling. Core inflation for June eased to 3.3%, down from May�s 29-month high of 3.7%, with rice prices showing signs of moderation. Headline inflation also slipped to 3.3%, from 3.5% the previous month. However, the "core-core" inflation gauge, closely tracked by the Bank of Japan, as it strips out both food and energy, edged up to 3.4%, hinting that underlying price pressures are still in play.

Over on Wall Street, the S&P 500 and Nasdaq closed at record highs on Thursday. Strong earnings and resilient consumer spending drove the rally. The Dow Jones rose 0.52%, while the S&P 500 climbed 0.54%, and the Nasdaq jumped 0.74%.

Investors also brushed off worries about new US trade tariffs set to kick in from August 1 under President Trump, focusing instead on growth and AI-fueled optimism.

Taiwanese chip giant TSMC stole the spotlight with stellar earnings and a bullish outlook on AI-related demand. Its US-listed shares surged 3.4%, igniting gains across the semiconductor and tech sectors.

Adding to the momentum, US retail sales rebounded strongly in June after two months of decline. Sales rose 0.6% month-on-month, reversing a 0.9% dip in May, thanks to increased auto purchases and a still-healthy consumer.

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