Top Stories | Markets see worst weekly drop in 6 Months, Trump targets branded drug tariffs, HUL signals flat Q2

Dalal Street wrapped up its worst week in six months, with the Sensex and Nifty dropping 3%, and the Nifty IT index taking a sharper 8% hit. Over in the US, former President Trump fired another trade shot, this time slapping a 100% tariff on branded drugs not made in America. Indian generics were mostly spared. Meanwhile, Commerce Minister Piyush Goyal returned from the US after what he called “constructive meetings” on trade.

In a big legal win, the Supreme Court cleared the way for JSW Steel to retain Bhushan Steel. Back home, HUL, the country’s biggest FMCG player, hinted at flat growth for Q2.

On the global front, Trump gave the green light to TikTok’s U.S. transfer, though ByteDance hasn’t said much. At the UN, Israeli PM Netanyahu’s speech sparked a walkout as Gaza’s humanitarian toll climbs.

Back in defence, HAL’s order book soared to ₹2.7 lakh crore thanks to a new engine deal, and the Indian Air Force officially bid goodbye to the iconic MiG-21.

Stocks post worst weekly drop in nearly six months led by IT, pharma



The stock market ended a turbulent week with steep losses, posting their worst weekly fall in nearly six months as IT and pharmaceutical stocks led a broad-based selloff. The S&P BSE Sensex fell 733 points, or 0.9%, to close at 80,426 on Friday, while the NSE Nifty 50 index dropped 236 points, or 0.95%, to 24,655. The Nifty Bank index fell 587 points to 54,389, while the broader Nifty Midcap 100 index slipped 1,177 points to 56,379, reflecting weakness across most sectors.

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Donald Trump announces 100% tariff on branded drugs unless US plants underway



President Donald Trump announced a fresh round of tariffs, including a 100% duty on branded or patented pharmaceuticals starting October 1, unless a company is building a manufacturing plant in America. Trump’s announcement was one of several about new industry-focused tariffs set to begin next Wednesday. Taken together, the moves amount to a rapid expansion of Trump’s tariff regime, which he started to erect shortly after taking office.

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India, US push trade talks amid tariff disputes and oil standoff



India and the United States have resumed high-stakes trade negotiations, but progress remains tied to Washington’s tariff rollback and New Delhi’s defiance on Russian oil imports. During commerce minister Piyush Goyal’s visit to New York (Sept 22–24), both sides discussed the “possible contours” of a trade deal and agreed to continue engagements for an early conclusion, according to an official statement. Goyal met US Trade Representative Jamieson Greer and ambassador-designate Sergio Gor, alongside senior commerce officials.

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HUL sees near-flat Q2 growth as GST rate cuts disrupt September sales



Hindustan Unilever Ltd (HUL) on Friday issued Q2 FY26 business update highlighting both the opportunities and near-term challenges stemming from the latest GST reforms. With effect from September 22, about 40% of its portfolio — spanning soaps, toothpaste, shampoos, hair oils, talcum powder, lifestyle nutrition and other foods — now attracts a lower GST rate of 5%, compared with the earlier slabs of 12% or 18%.

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Hyderabad Metro Phase 1 project: State govt to acquire L&T’s stake for ₹2,000 cr



The Telangana government has agreed to take over Phase I of the Hyderabad Metro Rail project from the L&T Group by paying ₹2,000 crore for the equity in the concessionaire, L&T Metro Rail Hyderabad Ltd (LTMRHL).

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SC overturns own judgment, clears JSW Steel resolution plan for BPSL



The Supreme Court on Friday (September 26) overturned its own judgment and upheld JSW Steel’s ₹19,700-crore resolution plan for Bhushan Power and Steel Ltd (BPSL). The apex court rejected a plea by the committee of creditors (CoC) seeking an additional ₹6,100 crore, citing BPSL’s EBITDA during the insolvency period. The court ruled that such claims have no basis under the Insolvency and Bankruptcy Code (IBC).

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HAL order book swells to ₹2.7 lakh crore with 97 Tejas jets deal



The Defence Ministry's order for 97 Tejas fighter jets will take Hindustan Aeronautics Ltd.'s (HAL) order book to ₹2.7 lakh crore by FY27. HAL's CMD, DK Sunil, told CNBC-TV18 that the company has completed price negotiations with GE for an additional 113 engines, with the final contract expected to be signed in October.

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MiG-21 | India bids farewell to fighter jets after six decades of service — WATCH



The Indian Air Force (IAF) bid farewell to its longest-serving combat aircraft, the Soviet-origin MiG-21, at a ceremonial event in Chandigarh on Friday, September 26, marking the end of a historic chapter in India's military aviation.

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Donald Trump signs TikTok order with US app valued at $14 billion



US President Donald Trump advanced plans for American investors to buy TikTok’s US operations from its Chinese owner ByteDance Ltd., with officials setting a potential value of $14 billion and outlining measures to ensure security of the new venture.

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Govt confident of meeting FY26 fiscal deficit, growth targets: DEA Secy Anuradha Thakur



Department of Economic Affairs (DEA) Secretary Anuradha Thakur on Thursday reaffirmed the government’s commitment to its fiscal and growth objectives, stressing that market concerns are being addressed through stable policies and transparent communication.

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