The market turned sharply lower again on April 2, and this time there was no cushioning effect from selective buying. The Nifty was hovering near 22,225, down about 2%, while the Sensex was around 71,669, also lower by roughly 2% by midday.
Here are the top movers and shakers at this hour:
Pharma stocks
Pharma stocks took a direct hit, and there was nothing subtle about it. The Nifty Pharma index dropped as much as 3.75%, with all 20 constituents trading in the red. The trigger came from a report suggesting that the Trump administration may impose tariffs on drugmakers that fail to commit to lower prices in the US.
Indian pharma companies rely heavily on the US market, which contributes nearly 40-50% of exports.
Biocon led the decline, falling 5.31% to Rs 345. Stocks such as Glenmark, Aurobindo Pharma, Sun Pharma, IPCA Labs, JB Chemicals, #Torrent Pharma, Lupin, and Piramal Pharma declined between 4% and 5%.
Global companies like Pfizer and AstraZeneca have already secured exemptions through pricing agreements, while others such as Eli Lilly, Johnson & Johnson, and Merck are committing capital to expand US operations. Those without agreements may face direct tariff exposure.
IndiGo
Shares of InterGlobe Aviation declined as much as 5% to Rs 3,970 after the airline revised fuel charges. The increase ranges from Rs 275 to Rs 10,000, depending on route and category, following the rise in aviation turbine fuel prices.
The company had already introduced fuel charges from March 14, ranging between Rs 425 and Rs 2,300.
“Although fully offsetting the fuel price increase would require substantial fare revisions, IndiGo has passed on a relatively smaller amount to customers, keeping in mind the consequential burden on them,” the company said.
V-Mart Retail share price
V-Mart Retail stood out on the upside, rising as much as 13.2% to Rs 547 after reporting a strong business update for the March quarter.
Revenue from operations came in at Rs 971 crore, compared to Rs 780 crore in the same period last year, marking a growth of 24%. Same-store sales growth stood at 12%, with V-Mart at 12% and Unlimited at 9%.
The company added 29 stores and closed six during the quarter, taking its total store count to 577. For the full year, it opened 92 stores and closed 12.
Powerica
Powerica stock listed at Rs 366 on the NSE, a discount of 7.34% to its issue price of Rs 395. On the BSE, it opened at Rs 375, down 5.06%.
A lot consisted of 37 shares, which meant the value per lot dropped to Rs 13,542 for investors who received allotment. The issue size stood at Rs 1,100 crore, including a fresh issue of Rs 700 crore and an offer for sale of Rs 400 crore.
Oil-linked stocks under pressure
U.S. crude futures rose to around $104 per barrel, while Brent crude moved above $106. The commentary from the US pointed toward continued military action, which pushed prices higher.
Oil marketing companies saw declines. Bharat Petroleum fell over 4% to Rs 269.30, Hindustan Petroleum dropped around 4% to Rs 322.15, and Indian Oil declined about 3.3% to Rs 131.29.
Paint stocks were also under pressure. Asian Paints fell about 3% to Rs 2,160.20, Berger Paints declined over 2% to Rs 408.65, Kansai Nerolac Paints dropped around 1.4%, and Indigo Paints slipped about 1.71%.
Tyre stocks followed a similar pattern. CEAT declined nearly 3% to Rs 3,286.20, MRF fell close to 2% to Rs 1,26,630, Balkrishna Industries dropped 3.69% to Rs 2,049, and Apollo Tyres declined around 2.41% to Rs 405.25.
Sai Parenteral
Sai Parenteral had a moderately posotive listing. The stock opened at Rs 400 on the NSE, a premium of 2.04% over its issue price of Rs 392. On the BSE, it listed at Rs 405, up 3.32%.
A lot consisted of 38 shares, translating to a value of Rs 15,200 per lot. The IPO size stood at Rs 408.79 crore, including a fresh issue of Rs 285 crore and an offer for sale of Rs 123.79 crore.
Bharti Airtel
Bharti Airtel shares declined about 2% to Rs 1,750 despite reporting steady subscriber additions. The company added over 48.5 lakh wireless users and 2.31 lakh wireline users in February.
The total telecom subscriber base in India rose to 132.13 crore, according to TRAI data. The report stated, “The number of total telephone subscribers in India increased from 1314 million at the end of January 2026 to 1321.31 million at the end of February 2026, thereby showing a monthly growth rate of 0.56%.”