The key equity indices traded limited losses in mid-morning trade, amid mixed global cues. Investor sentiment remained cautious amid signs of escalation in geopolitical tensions between India and Pakistan after the Pahalgam terror attack. Additionally, market could be volatile as the monthly Nifty50 F&O contracts are set to expire today. The Nifty traded below the 24,300 level.

Pharma shares witnessed buying demand for fifth consecutive trading sessions.

Investors will also closely watch the market's response to India's latest diplomatic and economic measures against Pakistan, announced following Tuesday's terrorist attack in Pahalgam in Jammu & Kashmir, which claimed 26 lives. These measures include the suspension of the Indus Waters Treaty, shutting down the Wagah-Attari border, cancelling visas for Pakistanis, along with other measures.

At 11:25 IST, the barometer index, the S&P BSE Sensex shed 210.71 points or 0.25% to 79,912.93. The Nifty 50 index declined 63 points or 0.26% to 24,265.95.

In the broader market, the S&P BSE Mid-Cap index fell 0.11% and the S&P BSE Small-Cap index added 0.39%.

The market breadth was positive. On the BSE, 2,112 shares rose and 1,536 shares fell. A total of 194 shares were unchanged.

Economy:

On the macroeconomic front, the World Bank on Wednesday revised its growth outlook for India, trimming its forecast by 0.4 percentage points to 6.3% for the current fiscal year. The revision reflects rising global uncertainty, which the institution warned could dampen growth prospects across South Asia.

Buzzing Index:

The Nifty Pharma index jumped 1.17% to 21,993.85. The index rallied 5.36% in the five trading sessions.

Natco Pharma (up 11.21%), Divis Laboratories (up 5.22%), Zydus Lifesciences (up 2.03%), Lupin (up 1.97%), Ajanta Pharma (up 1.89%), Aurobindo Pharma (up 1.68%), J B Chemicals & Pharmaceuticals (up 1.29%), Dr Reddys Laboratories (up 1.27%), Glenmark Pharmaceuticals (up 1.22%) and Mankind Pharma (up 1.1%) advanced.

Stocks in Spotlight:

Supreme Petrochem advanced 1.08%. The petrochemical company reported 18.71% decline in standalone net profit to Rs 106.89 crore in Q4 FY25 as against Rs 131.50 crore posted in Q4 FY24. Total revenue from operations shed 1.52% YoY to Rs 1,539.02 crore in the quarter ended 31 March 2025.

Tata Consumer Products declined 1.76% after the company's EBITDA margin narrowed by 250 bps to 13.6% in Q4 FY25 as against 16.1% in Q4 FY24, driven by higher input cost in India and international businesses.

The company reported a 52.06% jump in consolidated net profit to Rs 407.07 crore in Q4 FY25 as compared with Rs 267.71 crore in Q4 FY24. Revenue from operations jumped 17.35% to Rs 4,608.22 crore in Q4 FY25 as compared with Rs 3926.94 crore in Q4 FY24.

Hindustan Unilever (HUL) added 3.88% after the company reported a 3.61% jump in standalone net profit to Rs 2,493 crore in Q4 FY25, compared with Rs 2,406 crore in the corresponding quarter last year. Revenue from operations rose 2.08% to Rs 15,000 crore in Q4 FY25, compared with Rs 14,693 crore in Q4 FY24.

Global Market:

Asian market traded mixed on Thursday, following gains on Wall Street driven by renewed optimism over potential progress in U.S.-China trade relations.

In the latest development, China indicated a willingness to engage in trade talks with the United States. However, it emphasized that it would not participate in negotiations under continued threat of sanctions or tariffs from the U.S. administration. This dual stance contributed to cautious optimism among global investors.

In South Korea, advance estimates released Thursday showed that GDP contracted by 0.1% in the first quarter of 2025, signaling potential economic headwinds in the region.

On Wall Street, the three major indices closed higher overnight, supported by hopes that trade tensions may ease in the near term. Additionally, President Donald Trump signaled that he does not intend to remove Federal Reserve Chair Jerome Powell, a move that appeared to reassure financial markets.

At the close in NYSE, the Dow Jones Industrial Average rose 1.07%, while the S&P 500 index gained 1.67%, and the NASDAQ Composite index added 2.50%.

On Thursday, investors will look for quarterly earnings reports from Alphabet, Intel and PepsiCo. On the economic data front, durable gods orders and weekly jobless claims are also due.

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