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The key equity indices traded with major losses in mid-morning trade as escalating tensions between India and Pakistan'intensified by the ongoing Operation Sindoor'kept investors on edge. Market sentiment is likely to remain volatile in the near term, driven by uncertainty surrounding geopolitical developments and upcoming U.S. trade policy updates. The Nifty slipped below the 24,100 level. Pharma shares witnessed selling pressure for the fourth consecutive trading session. At 11:30 IST, the barometer index, the S&P BSE Sensex dropped 578.57 points or 0.72% to 79,756.24. The Nifty 50 index tumbled 184.85 points or 0.76% to 24,088.95. The broader market underperformed the frontline indices. The S&P BSE Mid-Cap index fell 0.75% and the S&P BSE Small-Cap index dropped 1.29%. Sellers outnumbered buyers. On the BSE, 699 shares rose and 2,879 shares fell. A total of 167 shares were unchanged. India-Pakistan Tensions Escalate: Amid rising tensions with Pakistan, India has ramped up security in New Delhi by deploying additional forces and intensifying police surveillance. The move follows India's successful neutralization of multiple Pakistani drone and missile attacks targeting military sites in Jammu, Pathankot, and Udhampur, along with similar threats in 15 other northern and western locations. No casualties were reported. A major infiltration attempt along the International Border in Samba was also foiled. Meanwhile, Pakistan conducted heavy shelling along the Line of Control in Poonch, Rajouri, Uri, and Chowkibal Kupwara, resulting in property damage and the reported death of a woman in Uri. The developments come in the aftermath of the April 22 Pahalgam terror attack, which claimed 26 lives. Buzzing Index: The Nifty Pharma index dropped 1.33% to 20,834.85. The index fell 4.32% in four consecutive trading sessions. Glenmark Pharmaceuticals (down 2.28%), Torrent Pharmaceuticals (down 2.22%), Granules India (down 2.17%), J B Chemicals & Pharmaceuticals (down 1.99%), Gland Pharma (down 1.92%), Laurus Labs (down 1.89%), Mankind Pharma (down 1.83%), Lupin (down 1.83%), Biocon (down 1.64%) and Sun Pharmaceutical Industries (down 1.58%) declined. Stocks in Spotlight: Union Bank of India jumped 5.85% after the bank's standalone net profit jumped 50.58% to Rs 4,984.92 crore on a 7.07% increase in total income to Rs 33,254.31 crore in Q4 FY25 over Q4 FY24. Biocon declined 1.32%. The company's conosldidated net profit surged 154.24% to Rs 344.50 crore in Q4 FY25, compared with Rs 135.50 crore in Q4 FY24. Revenue from operations increased 12.76% YoY to Rs 4,417 crore during the period under review. Global Markets: Most Asian stocks advanced on Friday as investors awaited China's trade data for April. Concerns persisted over a potential deceleration in Chinese export growth due to recently imposed U.S. tariffs. Additionally, market sentiment remained cautious amid uncertainty surrounding the outcome of scheduled trade discussions between the United States and China in Switzerland. On Wall Street, major indices advanced after U.S. President Donald Trump outlined a preliminary trade agreement with the United Kingdom ' the first such deal since the U.S. halted its broader reciprocal tariff measures in April. According to the initial framework, the U.S. will maintain a 10% tariff on UK imports. In return, the UK will reduce its tariff rate from 5.1% to 1.8% and offer expanded access to U.S. goods. Imports of steel and aluminum from the UK will also be exempt from the existing 25% U.S. levy. While investors interpreted the framework as a sign of potential future trade progress, the lack of a signed agreement or detailed documentation limited market certainty. President Trump indicated that final terms are still being finalized and are expected to be formalized in the coming weeks. The Dow Jones Industrial Average rose by 0.62%, the S&P 500 increased 0.58%, and the Nasdaq Composite climbed 1.07%. In corporate earnings news, shares of Kenvue Inc gained 4% following better-than-expected first-quarter results. Tapestry Inc rose nearly 4% after the company raised its annual earnings outlook. Conversely, Restaurant Brands International declined slightly after reporting revenue and profit below estimates. Shares of Arm Holdings fell 6% following the release of weaker-than-expected guidance. The number of Americans filing new applications for unemployment benefits fell more than expected last week, as initial claims for state unemployment benefits dropped 13,000 to a seasonally adjusted 228,000 for the week ended May 3, the Labor Department said on Thursday. Powered by Capital Market - Live News
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