Markets extend losses on global sell-off amid US tariff concerns; Sensex tanks 586 points
Mumbai, Aug 1 (PTI): Equity benchmark indices Sensex and Nifty declined sharply for the second straight session on Friday, tracking deep losses in pharma, metal, and IT stocks amid trade-related concerns and widespread selling pressure in global markets.
Besides, persistent selling by foreign investors added to the gloom, according to experts.
In a volatile trade, the 30-share BSE Sensex tumbled 585.67 points or 0.72 per cent to settle at 80,599.91. During the day, it dropped 690.01 points or 0.84 per cent to 80,495.57.
As many as 2,712 stocks declined while 1,306 advanced and 151 remained unchanged on the BSE.
The 50-share NSE Nifty declined 203 points or 0.82 per cent to 24,565.35.
"The benchmark index Nifty wrapped up its fifth consecutive week in the red -- its longest losing streak since August 2023, raising eyebrows across the street...Despite making multiple attempts to scale up, the index has struggled to hold ground, only to be met with selling pressure each time. The long upper wicks are a telling story — bulls tried, but bears had the final say," Sudeep Shah, Head - Technical Research and Derivatives at SBI Securities, said.
On the weekly front, the BSE benchmark tanked 863.18 points or 1.05 per cent, and the Nifty dropped 271.65 points or 1.09 per cent.
"The Indian equity market extended its decline for a second day, pressured by renewed tariff threats and punitive duties that could undermine India’s global trade competitiveness. Investor sentiment weakened further as FIIs now hold the second-highest net short position in derivatives, reflecting elevated caution.
"Globally, markets turned negative amid rising US inflation and trade tensions. While the sell-off was broad-based, FMCG stocks emerged as a defensive play, supported by attractive valuations, resilient demand, and relative immunity to external trade disruptions," Vinod Nair, Head of Research, Geojit Investments Limited, said.
US President Donald Trump unveiled sweeping new tariffs on dozens of countries, including 25 per cent duties for goods from India, marking a new era of American protectionism that triggered fresh tensions and concerns over a much wider disruption in the global trade landscape.
From the Sensex firms, Sun Pharma tumbled 4.43 per cent after the company reported a 20 per cent year-on-year decline in consolidated net profit to Rs 2,279 crore for the first quarter ended June 30, 2025.
Tata Steel, Maruti, Tata Motors, Infosys, Bharti Airtel and Tech Mahindra were also among the laggards.
However, Trent, Asian Paints, Hindustan Unilever, ITC, Kotak Mahindra Bank, and Reliance Industries were the gainers.
The BSE smallcap gauge dropped 1.59 per cent, and the midcap index declined by 1.37 per cent.
Healthcare tanked 2.44 per cent, telecommunication (2.41 per cent), metal (1.94 per cent), oil & gas (1.91 per cent), teck (1.83 per cent), IT (1.81 per cent), and realty (1.78 per cent).
BSE FMCG index emerged as the only gainer.
"Markets began the August series on a negative note, extending the prevailing corrective trend, and ended lower by over half a per cent. Markets continue to grapple with a mixed earnings season, while the recent tariff announcement and persistent foreign fund outflows are further weighing on sentiment," Ajit Mishra - SVP, Research, Religare Broking Ltd, said.
The US president signed an executive order on Thursday that raised tariffs for over five dozen countries, with Washington's negotiations for trade deals going down to the wire ahead of the August 1 deadline.
In the Executive Order titled 'Further Modifying The Reciprocal Tariff Rates', Trump announced tariff rates for nearly 70 nations.
A 25 per cent "Reciprocal Tariff, Adjusted" has been imposed on India, according to the list released. The order, however, does not mention the "penalty" that Trump had said India would have to pay because it purchases Russian military equipment and energy.
While August 1 was the tariff deadline, the new levies will come into effect from August 7.
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 5,588.91 crore on Thursday, according to exchange data.
"Global equity markets were mostly weak over the past week, as the US tariff saga continued. The Indian equity market continued to underperform global equity markets in the past week and was down 0.8 per cent over this period," Shrikant Chouhan, Head – Equity Research, said.
In Asian markets, South Korea's Kospi, Japan's Nikkei 225 index, Shanghai's SSE Composite index and Hong Kong's Hang Seng settled lower.
Equity markets in Europe were trading in the red.
The US markets ended in negative territory on Thursday.
Global oil benchmark Brent crude declined 0.39 per cent to USD 71.42 a barrel.
On Thursday, the Sensex declined 296.28 points or 0.36 per cent to settle at 81,185.58. The Nifty dropped 86.70 points or 0.35 per cent to 24,768.35.
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Shah Rukh Khan, Kajol unveil ‘DDLJ’ sculpture at London’s Leicester Square
London (PTI): Bollywood stars Shah Rukh Khan and Kajol huddled under an umbrella on a rainy Thursday in London to unveil their bronze likeness from an iconic ‘Dilwale Dulhania Le Jayenge’ scene.
The sculpture of the duo joins Leicester Square’s ‘Scenes in the Square’ trail depicting memorable shots from some of the world’s most famous films, with ‘DDLJ’ marking a Bollywood first and the 30th anniversary of the 1995 box-office hit. It is in this popular London square that SRK as Raj and Kajol as Simran first cross paths unknowingly.
“DDLJ was made with a pure heart. We wanted to tell a story about love, how it can bridge barriers and how the world would be a better place if it had a lot of love in it, and I think this is why 'DDLJ' has had a lasting impact for over 30 years now," said Khan.
“Personally, 'DDLJ' is part of my identity, and it is humbling to see film, and Kajol and me, receiving so much love since it was released,” he said.
He expressed his gratitude to the Heart of London Business Alliance, behind the cinematic trail at Leicester Square, for celebrating ‘DDLJ’ and “immortalising” its lead stars.
“Seeing ‘DDLJ’ become the first Indian film to be honoured in the iconic Scenes in the Square trail is an emotional moment and has brought back so many memories.
"I feel immense pride knowing the film has been embraced around the world, and I want to share this moment with the entire cast and crew of ‘DDLJ’, my friend and director Aditya Chopra and the Yash Raj Films family. This is a moment I will never forget,” added Khan.
Kajol, joined by her daughter Nysa and son Yug, posed with Khan in front of the statue as she braved the rain in a green saree.
“It’s incredible to see ‘Dilwale Dulhania Le Jayenge’ continue to receive so much love, even 30 years later. Watching the statue being unveiled in London felt like reliving a piece of our history - a story that has truly travelled across generations,” said Kajol.
“Seeing it find its rightful place in Leicester Square, a location of such enormous significance to ‘DDLJ’, makes this moment even more special. For the film to be honoured in this way in the UK – the first Indian film to receive such recognition – is something that will forever stay in the hearts and minds of all the ‘DDLJ’ fans across the world,” she said.
Their statue, captured in a dancing pose from the hit song ‘Mehndi Laga Ke Rakhna’, joins the likes of Harry Potter, Bridget Jones, Mary Poppins, and Batman in what is dubbed as an ever-growing celebration of movie magic in a square packed with multiplex cinema screens.
“When ‘Dilwale Dulhania Le Jayenge’, DDLJ, was released 30 years ago, the film became a defining moment for Indian cinema and changed the face of the industry, capturing the hearts of everyone who saw it all over the globe," said Akshaye Widhani, CEO of Yash Raj Films.
“We’re thrilled to be the first Indian film to be represented in ‘Scenes in the Square’. It also marks 30 years of DDLJ, a film that has spread love and joy globally, and shows the cultural impact it has had in UK.
“We are honoured that our superstars and our film are being recognised on the world stage alongside the Hollywood elite, from Gene Kelly to Laurel & Hardy to Harry Potter. This statue will be a great way to express the international appeal of Indian movies and build bridges amongst communities through cinema,” he said.
Since its release in 1995, ‘DDLJ’ has become the longest-running film in Hindi cinema history.
Ros Morgan, Chief Executive at Heart of London Business Alliance, said: “We’re proud to welcome global megastars Shah Rukh Khan and Kajol to our Scenes in the Square trail.
"Dilwale Dulhania Le Jayenge is a cinematic phenomenon that has shaped generations, and London’s first tribute to Indian cinema honours a story whose magic continues to captivate audiences worldwide.”
It is a particularly special year for the film, with a musical based on the romance playing to packed houses at Manchester’s Opera House earlier this year. Aditya Chopra reprised his role as director of the English language stage production, ‘Come Fall In Love – The DDLJ Musical’, which revolved around the love story of Simran and Roger.
The script was a nod to the original as it followed Simran as a young British Indian woman who finds herself engaged to a family friend in India in an arranged marriage. However, the plot thickens when she falls in love with a British man named Roger.
Bade Bade Deshon Mein, Aisi Chhoti Chhoti Baatein Hoti Rehti Hain, Senorita!
— Shah Rukh Khan (@iamsrk) December 4, 2025
Thrilled to unveil the bronze statue of Raj & Simran at London’s Leicester Square today, celebrating 30 years of Dilwale Dulhania Le Jayenge (DDLJ)!
Incredibly delighted that DDLJ is the first Indian… pic.twitter.com/8wjLToBGYc
