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Indian pharmaceutical stocks took a hit as Trump s threat of imposing tariffs on pharma imports spooked investors. Despite India s strong presence in the US generics market, potential tariffs may increase costs for US consumers and create supply chain challenges.

IndusInd Bank faced a 2% decline in term and low-cost deposits due to discrepancies in forex derivatives accounting. Retail deposits fell by Rs 3,550 crore, and total deposits grew marginally. Loan advances dropped 5.2%, with corporate loans leading the decline. The RBI approved a CEO extension, and an independent audit was initiated for the derivatives portfolio.

LIC has refuted US claims of receiving special treatment from the Indian government and regulators, stating it operates in a competitive market with other insurers. The insurer emphasized that it is treated like any other insurance company and the guarantee from 1956 has never given it an undue advantage.

This past week witnessed severe turmoil in the global economy, driven by escalating trade tensions between the U.S. and China. Significant losses in U.S. stock markets, the highest tariffs in over a century, and rising recession fears characterized this pivotal period, prompting investors and policymakers to brace for further volatility.

Metal shares experienced a significant decline on Friday, with the Nifty Metal index dropping 6.6%. Concerns about a potential global trade slowdown due to US tariffs on Indian imports and other countries diverting exports to India were the main reasons. Experts advise caution in the sector until the situation becomes clearer, with domestic-focused companies potentially better positioned.

The dollar index declined to 101.27, but mildly strengthened to 102.66 later during the day. The rupee moved in the range of 84.95-85.33 to a dollar.

Yields of the 10-year US T-bill were trading at 3.92% on Friday, a day after the US announced reciprocal tariffs, against 4.05% the previous day. Market participants expect the new 10- year paper to be auctioned on May 2.

NSE Nifty fell 1.5%, or 345.65 points, to finish at 22,904.45. BSE Sensex dropped 1.2%, or 930.67 points, to 75,364.69. The slump wiped out ₹10 lakh crore in market value Friday.

Bank of America Securities remains cautious about the valuation of Indian equities due to US reciprocal tariffs impacting all trading partners. With an expected sub-7% return for the Nifty in 2025 and potential declines in small and mid-cap stocks, the brokerage favors domestic cyclical industries over globally-linked ones.

He said April 2-when Donald Trump announced the imposition of tariffs on imports into the US-is an impoverishment day, not a liberation day, as termed by President Trump. On Thursday, Wall Street posted its worst day since 2020 in response to the announcement of worldwide tariffs the previous night.