Dear Trader…

Indian equities ended sharply lower on Friday, with the Nifty future declining 198 points or 0.78% to close at 25,223 on account of weak TCS numbers and cautious investor sentiment. Sectorally, most indices ended in the red, barring Nifty Pharma (+0.7%) and Nifty FMCG (+0.5%), which saw selective buying interest.

The gains in pharma were supported by President Trump’s announcement of a potential 200% tariff on pharmaceutical products-to be enforced after a one-year grace period-which eased immediate concerns. Sentiment was further boosted by Glenmark Pharma’s licensing deal – marking world’s fourth-largest upfront payment.

Nifty futures opened at 25335 points against the previous close of 25421 and opened at a low of 25205 points. Nifty Future closed with an average movement of 179 points and a decline of around 198 points and 25223 points…!!

On the NSE, the midcap 100 index will decline 0.88% and smallcap 100 index is closing decline 1.02%. Speaking of various sectoral indices, the NSE saw gains in only Pharma, FMCG and Healthcare stocks, while all other sectoral indices closed lower.

At the start of intra-day trading, August gold opened at Rs.97252, fell from a high of Rs.97719 points to a low of Rs.97151 with a rise of 975 points, a trend of around Rs.97666 and September Silver opened at Rs.1,09,333, fell from a high of Rs.1,11,970 points to a low of Rs.1,09,333 with a rise of 2464 points, a trend of around Rs.1,11,587.

On the other hand, the Nifty IT index led the decline, slipping 1.8% after Tata Consultancy Services (TCS) reported weaker-than-expected Q1 results, beginning the season on a weak note. As the earnings season progresses, markets are expected to witness volatility driven by stock-specific factors. Adding to the cautious tone, President Donald Trump stated that he plans to impose blanket tariffs of 15% or 20% on most trade partners.

The lingering uncertainty around trade negotiations is likely to keep markets in a consolidation mode. Investors will now focus on key domestic macro data, including CPI and WPI inflation prints, while tracking ongoing Q1 earnings and updates on the India–US trade deal.

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