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The Indian rupee logged its biggest weekly rise against the dollar in seven months, lifted by the central bank s heavy intervention in the foreign exchange market and kept speculators betting against the currency at bay.

Stock Market Highlights: Indian benchmark indices extended their losses on Friday, with all 13 major sectors ending in the red, as investors worried about the impact of U.S. President Donald Trump s proposed reciprocal tariffs. Pharma stocks, heavily reliant on U.S. revenue, faced the sharpest declines.

Wherever there is overvaluation, you will continue to see a nervousness and clearly the broader end of the market is still quite expensive compared to largecaps or compared to even their own historical average valuations.

Radhika Rao highlights US-India trade shifts, reciprocal tariffs, and their impact on exports, GDP, and currency stability. Key sectors like pharma and energy face challenges, while India eyes energy imports.

European shares took a breather on Friday and were on track for their eighth straight week of gains, while luxury stocks jumped after robust earnings from Birkin bag maker Hermes.

Japan s Nikkei share average snapped a three-day rally to end lower on Friday as investors booked profits after sharp gains in the previous session, while a stronger yen hurt sentiment.

While headline indices indicate a moderate decline, a closer look at market breadth reveals a sharper correction. The Nifty 500, covering a broader stock spectrum beyond the large-cap-heavy Nifty 50, has significantly underperformed. Mid- and small-cap portfolios have been hit the hardest, reflecting the depth of the downturn beyond what index movements suggest.

PS Raj Steels has fixed a price band of ₹132-140 per share for its IPO. Investors can bid for a minimum of 1,000 shares per lot and in multiples thereafter. The company intends to utilize the net proceeds to meet working capital requirements and for general corporate purposes, supporting its growth and operational needs.

Vodafone Idea shares: Vodafone Idea and Bharti Airtel’s shares dropped after the Supreme Court rejected review petitions challenging errors in the telecom department’s AGR dues calculation. The dismissal of the petitions leaves no legal recourse for the companies, which are burdened with massive dues. Both firms now

Vishal Manchanda highlights the potential challenges the pharmaceutical sector may face in FY27 due to reliance on key drugs and weak US business. He suggests Sun Pharma and Cipla as resilient options. India’s market is projected to grow by 9%, and the CDMO segment benefits from the China plus one theme.