Indian stock markets experienced significant declines following U.S. President Donald Trump's announcement of reciprocal tariffs on imports from various countries, including India. The Nifty 50 index fell by 0.60% to close at 23,192.40, while the BSE Sensex declined by 0.61% to end at 76,153.68. The tariffs, set to take effect on April 5, include a 10% baseline duty on all imports, with higher rates for specific countries. India faces a 26% reciprocal tariff, which has raised concerns about potential disruptions to global trade and India's economic growth. However, the pharmaceutical sector showed resilience, benefiting from a temporary exemption from these tariffs. Pharma stocks outperformed other sectors, with Dr. Reddy’s Laboratories shares rising by 6% and Gland Pharma surging by 12%, making them top gainers among their respective indices.