The BSE Sensex and NSE Nifty50 are facing a choppy trading session Friday as U.S. president Donald Trump issued a fresh set of tariffs on pharmaceutical products, along with kitchen cabinets and bathroom vanities. This marks the sixth consecutive session of decline, marking the fading effects of GST 2.0 reforms and the U.S. Fed rate cut.

Sensex plunged 800 points, or 0.98%, to hit a low of 80,360, while the Nifty50 tanked 252 points, or 1.01%, to a low of 24,638.40 in the afternoon trade. At the moment, Sensex is down 743.98 points, or 0.92%, at 80,425.70, and the Nifty is down 235.95 points, or 0.97%, at 24,655. 

On the Nifty50 index, only 7 stocks advanced, while 43 declined, and on the Sensex index, only 5 stocks emerged as top gainers, and the remaining 25 were trading in the negative. 

Larsen and Toubro was the top gainer on the bourses, after news reports suggested that the Telangana government agreed to buy out L&T's stake in Hyderabad Metro Phase-I. The government will pay L&T ₹2,000 crore for equity, in addition to taking over the project debt worth ₹13,000 crore. The shares rallied by 2.10%, bringing its share price to ₹3,721. Tata Motors, which rose by 2% in the early hours of trade, was the second top gainer after Jaguar Land Rover announced that its sections of its digital estate are now up and running. Currently, the scrip is up by 1.28%.

Mahindra and Mahindra, on the other hand, declined sharply by nearly 4%, followed by Eternal and IndusInd Bank, which fell by 3.5% each. 

All sectoral indices were trading in the negative zone, with Nifty IT performing the worst, declining by 2.5%, followed by Nifty Pharma, which was down by 2.22%. Nifty FMCG and Nifty Realty recorded comparatively marginal declines of under a per cent each. 

Broader markets, too, showed similar trends as the benchmark indices, with small-cap and mid-cap indices tumbling nearly 2%. India VIX had risen by 8% in the afternoon, and now cooled down by 4% from the day's high.