Market ended lower on Thursday in the volatile session amid weakness in global markets following higher-than-expected tariff from US President Trump.

The Trump tariff triggered selloff in IT, while pharma bucked the trend.

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At close, Sensex was down 322.08 points or 0.42% at 76,295.36, and the Nifty was down 82.25 points or 0.35% at 23,250.10.

Further, the broader indices outperformed the benchmarks, with BSE Midcap index rising 0.3% and Smallcap index adding 0.7% in trade.

Among the sectors, IT index shed 4%, auto index slipped 1%, while pharma index added 2%.

The PSU Bank index rose 1.9%, and power index jumped 1.8%. One of the key performers was Bank of India that saw a 3% rise, following its business update for the fourth quarter of the financial year 2024-2025 (Q4 FY25).

Nifty Pharma closed at a gain of 2.25% by the end of the trading session. IPCA Labs, Sun Pharma and Lupin emerging jumped up to 5% at intraday, and closed in a range of 3-5%.

Jefferies had allayed concerns of India’s generic pharma makers, adding that the sector may escape any serious action by the Trump administration owing to fears of drug price hikes in America, though some players like Zydus and Dr Reddy’s are vulnerable due to higher US exposure.

Nifty IT sank over 4% after Trump imposed a broad-based tariff. Mid-cap tech services players such as Persistent Systems and Coforge fell by 8 to 9% while Mphasis fell over 4%.

IT stocks have been underperforming on fears of US growth slowdown impacting the Indian tech industry.

On Nifty50, TCS, HCL Technologies, Tech Mahindra, Infosys, ONGC were among major losers on the Nifty, while gainers included Power Grid Corp, Sun Pharma, UltraTech Cement, Cipla, Shriram Finance.

Shares of auto component makers as well as Tata Motors were the worst-hit among mobility companies. Hyundai and Tata Motors shares closed around 2% lower.

Sona BLW Precision Forgings was down over 3% while the shares of Bharat Forge and Samvardhana Motherson were down up to 3%.

Chemical companies also slumped after US tariff. Navin Fluorine, SRF, Deepak Nitrite and other stocks saw a fall of up to 2%.

Major Asian indices, including the CSI 300, Hang Seng, and Nikkei 225, all concluded with losses of up to 2.8%.