Sensex falls 750 pts, Nifty breaches 24,000 on Trump tariff jitters, rising crude; SBI, Sun Pharma, Reliance lead losses

The Indian benchmark indices witnessed sharp selling pressure on Wednesday, with the BSE Sensex falling by as much as 750 points and the NSE Nifty50 slipping below the 24,000 mark, as rising crude oil prices and fresh concerns over U.S. trade policy dampened investor sentiment.

In the first hour of trade, the BSE Sensex declined by as much as 748 points, or 0.96%, to hit an intraday low of 76,722.21, while the NSE Nifty fell 214 points, or 0.88%, to touch 23,973.70.

The weakness was visible across the broader market as well. The Nifty Midcap 100 declined 0.88%, while the Nifty Smallcap 100 fell 1.23%.

Meanwhile, the India VIX, often referred to as the market's fear gauge, jumped 4.2% to 13.13, reflecting heightened investor nervousness amid rising geopolitical tensions, elevated crude oil prices, and concerns over the U.S. tariff proposal on generic drug imports.

Among the Sensex constituents, State Bank of India (SBI) emerged as the top loser, falling 1.84%, followed by Axis Bank, which declined 1.60%. Infosys dropped 1.53% amid weakness in technology stocks, while Sun Pharmaceutical Industries slipped 1.51% as pharma counters came under pressure.

Reliance Industries fell 1.19%, HDFC Bank lost 1.13%, and ICICI Bank declined 1.17%, collectively weighing heavily on the benchmark due to their significant index weightage. In contrast, Titan bucked the broader market trend and was among the few Sensex gainers, rising 0.47% during the session.

"Indian equities opened lower as a fresh rise in crude oil prices and renewed concerns over potential U.S. tariffs on generic pharmaceutical imports weighed on investor sentiment. The pharmaceutical sector led the decline, while auto stocks remained a bright spot after stronger-than-expected earnings from Bajaj Auto and TVS Motor," said Ponmudi R, CEO of Enrich Money.

He added that energy prices remain the biggest near-term overhang for domestic equities, with Brent crude trading above $85 a barrel, while the rupee remained under pressure near 96.3 against the U.S. dollar.

VK Vijayakumar, Chief Investment Strategist at Geojit Investments, said the continuing U.S.-Iran conflict and elevated crude prices would continue to weigh on market sentiment despite encouraging corporate earnings.

"The early automobile Q1 numbers are impressive and management commentary reflects optimism. Exports, too, are doing well. The price correction in some leading banking names appears to be over, and there is value emerging in this segment," he said.

He also pointed to improving foreign exchange inflows through FCNR deposits and moderating foreign selling as factors supporting the domestic market.

"Dips in the market will provide buying opportunities in fundamentally sound stocks. The broader market's outperformance may continue in the near term," Vijayakumar added.

Pharma stocks lead fall

Shares of Indian pharmaceutical companies witnessed broad-based selling after U.S. President Donald Trump announced a phased tariff regime on imported generic medicines, sparking concerns over the long-term outlook for Indian drug exporters with significant exposure to the U.S. market.

The Nifty Pharma index emerged as the worst-performing sector, falling more than 2%, with 19 of its 20 constituents trading in the red.

The Nifty Realty index also declined 2.09%, followed by the Nifty Healthcare index, which slipped 1.77%. The Nifty PSU Bank index fell 1.56%, while the Nifty Private Bank, Nifty IT, and Nifty Financial Services indices also traded more than 1% lower. Auto stocks bucked the trend, supported by strong quarterly earnings from Bajaj Auto and TVS Motor.

Lupin was the biggest loser, falling 2.27% to ₹2,457.70. Aurobindo Pharma declined 1.88% to ₹1,550, while Gland Pharma slipped 1.58%. Ajanta Pharma fell 1.45%, Glenmark Pharma lost 1.43%, and both Cipla and Zydus Lifesciences dropped 1.35%.

Among the heavyweight names, Sun Pharmaceutical Industries declined 1.51%, Dr. Reddy's Laboratories slipped around 0.9%, Biocon fell 0.92%, Alkem Laboratories lost 1.26%, Wockhardt declined 1.17%, Mankind Pharma shed 1.05%, while Divi's Laboratories and Ipca Laboratories fell 0.72% and 0.78%, respectively.

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