Sensex Today, Stock Market LIVE Updates: The Nifty Smallcap 100 index officially entered a ‘bear’ market phase on Friday, dropping about 22% from its peak of 19,716.20. The index closed nearly 4% lower, ending at 15,373.70.
This decline was part of a broader market sell-off, which also impacted midcaps. The Nifty Midcap 150 index fell by almost 2.5%, closing at 18,325.40, according to NSE data.
Pharma stocks faced significant selling pressure on Thursday, partly due to concerns over potential reciprocal tariffs from the US. Natco Pharma and Laurus Labs were among the worst hit, both plunging over 9%. These two stocks are also part of the Nifty Smallcap 100 index.
Other stocks within the index, including IFCI, Glenmark Pharma, Finolex Cables, HFCL, BEML, and Apar Industries, also saw steep declines, shedding over 7% on Friday.
Trump’s Tariff News
On Thursday evening, President Trump signed an order directing the US Trade Representative and the Commerce Secretary to devise new country-specific tariffs aimed at rebalancing trade relations. These far-reaching changes, according to Howard Lutnick, Trump’s nominee for Commerce Secretary, may be implemented by April 1, 2025.
Trump also stated that he would impose additional import taxes on cars, semiconductors, and pharmaceuticals, beyond the reciprocal tariffs, at a later date.
Ahead of his meeting with Prime Minister Narendra Modi, Trump remarked that India has more tariffs than nearly any other country. However, he added that both leaders are committed to strengthening ties and improving trade policies between the two nations.
