Shares of Indian drugmakers surged 4% on Thursday, in contrast to the drop in the broader stock market, after U.S. President Donald Trump's administration exempted pharmaceutical products from the list of imports hit by reciprocal tariffs.

Asian markets went deep into the red. Nikkei 225 plunged 1204 points to 34,521 and Hang Seng plunged 383 points to 22,818.

Asian markets slumped and the US stock futures also traded lower after the US President Donald Trump announced sweeping reciprocal tariffs on over 180 countries.