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Below the Quote on Daily market commentary by Mr. Siddhartha Khemka, Head - Research, Wealth Management, Motilal Oswal Financial Services Ltd

Indian equities ended sharply lower on Friday, with the Nifty50 declining 205 points or 0.8% to close at 25,150 on account of weak TCS numbers and cautious investor sentiment. Broader indices also saw weakness, with the Nifty Midcap100 and Smallcap100 falling 0.9% and 1%, respectively. Sectorally, most indices ended in the red, barring Nifty Pharma (+0.7%) and Nifty FMCG (+0.5%), which saw selective buying interest. The gains in pharma were supported by President Trump's announcement of a potential 200% tariff on pharmaceutical products—to be enforced after a one-year grace period—which eased immediate concerns. Sentiment was further boosted by Glenmark Pharma’s licensing deal – marking world’s fourth-largest upfront payment. On the other hand, the Nifty IT index led the decline, slipping 1.8% after Tata Consultancy Services (TCS) reported weaker-than-expected Q1 results, beginning the season on a weak note. As the earnings season progresses, markets are expected to witness volatility driven by stock-specific factors. Adding to the cautious tone, President Donald Trump stated that he plans to impose blanket tariffs of 15% or 20% on most trade partners. The lingering uncertainty around trade negotiations is likely to keep markets in a consolidation mode. Investors will now focus on key domestic macro data, including CPI and WPI inflation prints, while tracking ongoing Q1 earnings and updates on the India–US trade deal.

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