The Nifty closed lower on Thursday, dragged by losses in large-cap stocks and weakness in pharma and financial names, as Federal Reserve Chair Jerome Powell's comments raised doubts over further US interest rate reduction in 2025, while mixed domestic earnings weighed on sentiment.

The Nifty 50 fell 176 points to close at 25,878, while the Sensex dropped 593 points to 84,404. The market breadth favoured declines, with the advance-decline ratio at 2:3. The Nifty Bank index slipped 354 points to 58,031, while the midcap index was down 53 points at 60,096.

Pharma stocks were the top laggards, with Dr Reddy’s Laboratories falling the most on concerns related to semaglutide developments. Cipla slipped up to 3% after CEO Umang Vohra announced his decision to step down. Coal India emerged as th

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