Indian shares end flat as financials offset declines in pharma, IT
Benchmark indexes of India closed flat on Wednesday as gains in heavyweight financial countered losses in the pharmaceutical and IT stocks. Investor sentiment remained cautious amid concerns that President Donald Trump would impose more tariffs on U.S. imports.
The Nifty 50 ended the day 0.05% lower at 22,932.9 points, while the BSE Sensex slipped by 0.04% to 75,939.18.
On Tuesday, Trump said that he intends to levy auto tariffs “in the neighbourhood of 25%” and similar duties on semiconductors and pharmaceutical imports.
This resulted in Indian pharma stocks falling 0.7% as the U.S. accounts for nearly 31% of total domestic pharma exports, reported Reuters.
Renewed concerns over Trump’s tariff threats triggered weakness in pharma, while IT stocks gave up their previous session’s gains, said Vikram Kasat, head of advisory at PL capital of Prabhudas Lilladher.
IT stocks, which also get a significant chunk of their revenue from the U.S., lost 1.3% on the day. They had gained 1% on Tuesday.
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