SENSEX DOWN 260 PTS; PHARMA SHARES SLIDE FOR 4TH DAY; VIX TUMBLES 5.16%

The headline equity benchmarks traded with moderate losses in early afternoon trade, as investors remained cautious amid uncertainty surrounding US President Donald Trump`s tariff plan. The Nifty traded below the 23,550 mark. Pharma shares extended losses for the fourth consecutive trading session.

At 12:30 IST, the barometer index, the S&P BSE Sensex, slipped 259.73 points or 0.34% to 77,348.12. The Nifty 50 index declined 66.35 points, or 0.28%, to 23,525.60.

In the broader market, the S&P BSE Mid-Cap index shed 0.27%, and the S&P BSE Small-Cap index added 0.17%.

The market breadth was positive. On the BSE, 1,973 shares rose and 1,873 shares fell. A total of 149 shares were unchanged.

Derivatives:

The NSE`s India VIX, a gauge of the market`s expectation of volatility over the near term, tumbled 5.16% to 12.61. The Nifty 24 April 2025 futures were trading at 23,660.10 at a premium of 134.5 points as compared with the spot at 23,525.60.

The Nifty option chain for the 24 April 2025 expiry showed a maximum call OI of 36.7 lakh contracts at the 23,500 strike price. Maximum put OI of 50.3 lakh contracts was seen at 23,500 strike price.

Buzzing Index:

The Nifty Pharma index shed 0.68% to 21,132.40. The index fell 2.93% in the four consecutive trading sessions.

Ipca Laboratories (down 1.57%), Cipla (down 1.57%), Alkem Laboratories (down 1.19%), Biocon (down 1.19%), and Divis Laboratories (down 1.06%) were the top losers. Among the other losers were Dr. Reddy`s Laboratories (down 0.96%), Natco Pharma (down 0.88%), Mankind Pharma (down 0.82%), Laurus Labs (down 0.68%), and Sun Pharmaceutical Industries (down 0.66%).

On the other hand, J B Chemicals & Pharmaceuticals (up 2%), Glenmark Pharmaceuticals (up 0.94%), and Abbott India (up 0.61%) edged higher.

Stocks in Spotlight:

Asian Paints rose 0.23%. The company said that it has approved an additional capital expenditure of Rs 690 crore for its upcoming manufacturing facility in Dahej, Gujarat.

Khaitan Chemicals & Fertilizers rallied 3.36% after the company�s board reappointed Shailesh Khaitan as chairman & managing director (MD) of the company for a period of three years, effective from 1 April 2025.

Bharat Heavy Electricals (BHEL) advanced 1.76% after the company announced that it had received a Letter of Intent (LoI) worth approximately Rs 11,800 crore.

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