At 09:30 IST, the barometer index, the S&P BSE Sensex, dropped 611.82 points or 0.76% to 80,176.58. The Nifty 50 index tumbled 181.10 points or 0.74% to 24,530.85.

In the broader market, the S&P BSE Mid-Cap index slipped 0.94% and the S&P BSE Small-Cap index fell 0.99%.

The market breadth was weak. On the BSE, 890 shares rose and 2,107 shares fell. A total of 194 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 6,516.49 crore, while domestic institutional investors (DIIs) were net buyers to the tune of Rs 7,060.37 crore in the Indian equity market on 26 August 2025, provisional data showed.

Trump Tariffs:

President Trump's secondary U.S. tariffs of 25% on Indian shipments kicked in Wednesday, pushing overall duties on the country's exports to 50%.

A global research house has reportedly stated that the risks to growth for the Indian economy have naturally become more real.

India's top exports to the U.S., which are electrical machinery as well as gems and jewelry, face the largest tariff increases, the report stated. Trade talks between the Indian and U.S. delegations, however, are expected to continue.

Stocks in Spotlight:

Biocon shed 0.45%. The company said that its wholly-owned subsidiary, Biocon Pharma, has received tentative approval from the U.S. Food and Drug Administration (U.S. FDA) for its Abbreviated New Drug Application (ANDA) for Sitagliptin Tablets USP in 25 mg, 50 mg, and 100 mg strengths.

SBI Cards and Payment Services declined 1.01% to Rs 807.65 has announced the signing of an agreement with Flipkart to launch a new co-branded credit card, the Flipkart SBI Card.

Oil India declined 0.86%. The company has announced the execution of a joint venture agreement with Bharat Petroleum Corporation (BPCL) to develop City Gas Distribution (CGD) infrastructure in Arunachal Pradesh.

Numbers to Track:

The yield on India's 10-year benchmark federal paper rose 0.05% to 6.620 from the previous close of 6.617.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 87.5775 compared with its close of 87.6950 during the previous trading session.

MCX Gold futures for 3 October 2025 settlement lost 0.17% to Rs 1,01,348.

The US Dollar Index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.07% to 98.03.

The United States 10-year bond yield lost 0.21% to 4.228.

In the commodities market, Brent crude for October 2025 settlement declined 47 cents or 0.70% to $66.97 a barrel.

Global Markets:

Asia-Pacific markets traded mix Thursday as investors digested the Bank of Korea policy decision.

South Korea's central bank kept its policy rate unchanged at 2.5% for its second straight meeting despite an uncertain trade environment for the country.

Overnight on Wall Street, the three major benchmarks closed higher stateside.

The S&P 500 ticked higher and ended the day up 0.24% at 6,481.40, setting a fresh all-time closing high. The Nasdaq Composite closed up 0.21% at 21,590.14, and the Dow Jones Industrial Average gained 147.16 points, or 0.32%, to finish at 45,565.23.

Shares of Nvidia, the world's most valuable company and the leading supplier of cutting-edge AI processors, fell in extended trading, even after its second-quarter results beat widely reported market estimates. This was primarily due to the fate of the company's China business hung in the balance, caught up in the trade war between Washington and Beijing.

Investors kept an eye for developments related to U.S. President Donald Trump's attempt to fire Federal Reserve Governor Lisa Cook, a move likely to face legal challenges.

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