Equity markets trade lower in early dragged by pharma stocks, relentless foreign fund outflows

MUMBAI: Equity benchmark indices Sensex and Nifty declined in early trade on Friday dragged by pharma stocks and relentless foreign fund outflows.

US H-1B visa fee concerns and a weak trend in global markets also added to the bearish trend in domestic equities.

"Investor attention will squarely be on the domestic pharma sector after the Trump Administration announced a 100 per cent tariff on imports of branded or patented pharmaceutical products effective October 1. This tariff action comes close on the heels of the steep hike in US H-1B visa fees, which has already triggered heavy selling in IT sector stocks over the past few sessions," Ponmudi R, CEO of Enrich Money, an online trading and wealth tech firm, said.

The 30-share BSE Sensex declined 329.66 points to 80,830.02 in early tra