Sensex, Nifty snap 7-day gaining streak as pharma stocks take a hit on tariff concerns

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Benchmark indices Nifty and Sensex snapped their 7-day gaining streak on March 26 after pharma stocks tumbled on tariff concerns. On Tuesday, the indices witnessed a choppy session as sharp declines in metal, PSU bank, and oil & gas stocks offset gains. Profit booking weighed on sentiment, though resilience in the IT sector helped markets extend the winning streak to seven sessions.At about 9:50 am, the Sensex was down 183.23 points or 0.23 percent at 77,833.96, and the Nifty was down 37.40 points or 0.16 percent at 23,631.25. About 1194 shares advanced, 1853 shares declined, and 134 shares unchanged.In US, consumer confidence plunged to the lowest level in more than four years in March, with households fearing a recession in the future and higher inflation because of tariffs. Asian stocks posted modest gains Wednesday as investors search for a clear direction amid weaker US consumer confidence and a late rally in US equities.Follow our LIVE blog for all the latest market updates"Investor uncertainty remains high over US reciprocal tariffs. While there is hope that Trump may scale back some planned tariffs on India, fresh threats of 25 percent 'secondary tariffs' on countries like India and China for importing Venezuelan oil have added to concerns," Siddhartha Khemka, Head of Research at Motilal Oswal, said. Despite this, he suggests that markets are expected to maintain a gradual uptrend, supported by FII inflows, and a strong rupee. The total FII buy figure of Rs 19,136 crores in the last four trading days indicates that this positive trend is likely to continue.The broader market continued displaying weak trends with the Nifty Midcap 100 falling 0.2 percent and Smallcap 100 falling 0.6 percent. Despite the recent surge, a host of analysts remain cautious on this space due to persistent valuation concerns and the upcoming earnings season will offer further clarity on their trajectory.12 out of 13 sectors traded in the red. IT, Metal, Pharma and PSU Bank were the major laggards, crashing up to 0.8 percent. Consumer Durables, Energy and Auto also traded lower up to 0.4 percent. FMCG index was the sole gainer, rising 0.2 percent in the morning.Attention is shifting towards the quarterly results, which are anticipated to shed light on the recovery in earnings growth. Favourable indicators, such as expected rate cuts and rupee movements, continue to support ...

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