The Indian domestic benchmark indices saw a sharp selloff in afternoon trade today, with both the indices – Sensex and Nifty slipping nearly 1% intraday. The pain was more severe in the broader markets as both the mid and small cap indices came under heavy pressure.
At the time of writing, the BSE Midcap index dropped 1.73% to 44,849.81, while the BSE Smallcap index plunged 2% to 52,366.23, losing over 1,000 points in a single session.
Midcap losers weigh on sentiment
Selling pressure was visible across several midcap counters. FirstCry slipped 3.75%, JSW Infrastructure was down 3.86%, OFSS fell 3.99%, and Policybazaar dropped 4.06%. Biocon shed 4.54%, while Laurus Labs was the biggest midcap casualty of the day, sliding 6.02%.
Smallcap rout deepens
Smallcap names faced an even sharper selloff. Prudent Corporate Advisory Services slumped 7.17%, Solara Active Pharma lost 7.84%, Themis Medicare fell 7.99%, and PC Jeweller tumbled 8.62%. Wockhardt dropped 8.72%, while Hubtown was the worst hit, crashing 10.83%.
Pharma stocks under Trump’s tariff blow
The selloff was aggravated by weakness in pharma counters after U.S. President Donald Trump announced a 100% tariff on branded and patented medicines, effective October 1, 2025, unless companies shift production to the U.S. T
The Nifty Pharma index fell 2.42%, touching an intraday low of 21,445.50.
Stocks such as Laurus Labs, Ipca Labs, Divi’s, Zydus Life, Alkem, Cipla, Dr. Reddy’s, and Torrent Pharma slipped on a sharp note, adding to the market’s worries.
Surging fear and crude oil concerns
The volatility levels spiked in today’s trading session, with the India VIX jumping nearly 7%. This indicates of an increasing nervousness among investors.
Adding to the cautious mood, the global crude prices remained firm. Brent futures traded at $69.63 a barrel and WTI at $65.30, both on track for weekly gains of over 4%, amid geopolitical tensions from Ukraine’s attacks on Russian energy facilities.