On market opening, the focus is on the impact of new US tariffs. The US announced 100% tariffs on branded or patented pharma products from the first of October. According to the announcement, Donald Trump says an exemption is possible "only if the company is building manufacturing plants in America." The news caused a sharp fall in the pharma index, with stocks like Sun Pharma seeing a significant drop. The US also imposed tariffs of up to 50% on furniture and 25% on heavy trucks. These developments contributed to a fifth day of selling pressure on the Nifty. Other major news includes a look at the upcoming IPOs, including LG India and Tata Capital, which are drawing funds from the secondary market. The defence sector receives a boost with HAL securing a major fighter aircraft deal.
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