India stocks-Indian shares fall on higher crude; pharma slips on Trump tariff plan
EPI•Indian shares fall in broad-based selloff
Indian shares fell on Wednesday in a broad-based selloff as oil prices climbed to a more than five-week high amid an escalating Middle East conflict.
The benchmark Nifty 50 .NSEI fell 0.69% to 24,021.75, while the BSE Sensex .BSESN shed 0.73% to 76,903.37 by 9:55 a.m. IST.
Higher crude prices weigh on market sentiment
Brent crude LCOc1 rose to $92.67 a barrel, highest since June 11 and on course for its fourth straight session of gain, on intensifying fears of further energy supply disruptions in the Middle East.
Two oil tankers carrying Saudi crude to Asia reversed course in the Red Sea on Tuesday, while a tanker was hit in the Strait of Hormuz at the mouth of the Gulf.
Higher oil prices pose a key risk for India, the world's third-largest crude importer, by stoking inflation, widening the trade gap and squeezing corporate margins.
Pharma slips after Trump tariff plan; stock-specific moves continue
Fifteen of the 16 major sectors logged losses. The broader small-caps .NIFSMCP100 and mid-caps .NIFMDCP100 lost 1.3% and 0.9%, respectively.
The pharma index .NIPHARM fell 2% after U.S. President Donald Trump outlined a phased tariff plan for imported generic medicines, giving drugmakers a two-year window before duties take effect.
"The headline is negative, but key details around implementation, legal challenges, exemptions and final scope remain unclear," said Niharika Agarwal, analyst at Nirmal Bang.
Among stocks, Bandhan Bank BANH.NS tumbled 14% after lowering its fiscal year return-on-assets outlook on expectations of narrower net interest margins and higher operating expenses.
