Markets remind us of one truth: certainty is an illusion.

Today, pharma stocks slipped—Lupin (-1.76%) and Dr. Reddy’s (-1.53%)—as the US imposed a 100% tariff on branded drug exports. The US may buy mainly generics from India, but the ripple effect of fear was enough to drag sentiment down. It’s not the tariff itself, but the psychology of what it signals—uncertainty, policy risk, and vulnerability of global dependence. Investors often react to “what could happen,” not just what has. Lesson: In markets, perception often moves faster than reality. 📉➡️📈