Markets tank on tariff jitters, foreign fund exodus; Sensex dives below 80k
Mumbai, Aug 8 (PTI): Equity benchmark index Sensex tumbled nearly 1 per cent to slip below the 80,000 level on Friday as growing concerns over the impact of the additional US tariff and unabated foreign fund outflows unnerved investors.
Deep losses in market heavyweights Reliance Industries, HDFC Bank and Bharti Airtel also added pressure on equities, traders said.
The 30-share BSE Sensex tanked 765.47 points or 0.95 per cent to settle at 79,857.79. During the day, it tumbled 847.42 points or 1.05 per cent to 79,775.84.
As many as 2,507 stocks declined while 1,521 advanced and 145 remained unchanged on the BSE.
The 50-share NSE Nifty dropped 232.85 points or 0.95 per cent to 24,363.30.
Extending losing streak for the sixth consecutive week, the BSE benchmark dropped 742.12 points or 0.92 per cent, and the Nifty declined 202.05 points or 0.82 per cent.
"The Indian equity market exhibited downward movement, closing at a three-month low amid growing concerns over the impact of US tariffs on Indian exports.
"FIIs remained net sellers, intensifying the pressure on domestic indices. The pessimism was broad-based, with realty and metals bearing the biggest brunt," Vinod Nair, Head of Research, Geojit Investments Limited, said.
From the Sensex firms, Bharti Airtel, Tata Motors, Mahindra & Mahindra, Kotak Mahindra Bank, Axis Bank and Reliance Industries were among the laggards.
"Selling intensified, with the Sensex ending below the psychological 80k mark, as analysts believe that once the stiff tariff penalty on Indian goods by the Trump administration comes into effect, India's growth could be hit going ahead," Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd, said.
However, NTPC, Titan, Trent, ITC and Bajaj Finserv managed to be in green territory.
The BSE midcap gauge tanked 1.56 per cent, and the smallcap index dropped 1.03 per cent.
All sectoral indices ended lower, realty dropped 2.09 per cent, telecommunication (1.83 per cent), metal (1.82 per cent), consumer durables (1.68 per cent), capital goods (1.62 per cent) and commodities (1.55 per cent).
"Indian equity benchmarks ended sharply lower on Friday, surrendering the previous session’s gains as renewed tariff concerns and persistent foreign fund outflows weighed on sentiment. Market mood soured after US President Donald Trump doubled tariffs on Indian goods to 50 per cent, stating that no trade talks would take place until the dispute was resolved," Gaurav Garg, Analyst, Lemonn Markets Desk, said.
Adding to the pressure, foreign institutional investors sold equities worth Rs 4,997.19 crore on Thursday, while weak global cues from Asian markets and a mixed Wall Street close kept traders cautious, he added.
US President Donald Trump has ruled out the possibility of trade negotiations with India until the issue of tariffs is resolved.
"No, not until we get it resolved,” Trump said in the Oval Office on Thursday in response to a question on whether he expects increased trade negotiations with India since he has announced 50 per cent tariffs on the country.
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 4,997.19 crore on Thursday, according to exchange data. Domestic Institutional Investors (DII), however, bought stocks worth Rs 10,864.04 crore in the previous trade.
The initial 25 per cent tariffs announced by the US on Indian imports came into effect Thursday.
In Asian markets, Japan's Nikkei 225 index settled in positive territory, while South Korea's Kospi, Shanghai's SSE Composite index and Hong Kong's Hang Seng ended lower.
European markets were trading mostly in green during mid-session deals.
The US markets ended on a mixed note on Thursday.
Global oil benchmark Brent crude climbed 0.59 per cent to USD 66.82 a barrel.
On Thursday, the Sensex edged higher by 79.27 points or 0.10 per cent to settle at 80,623.26. The Nifty went up by 21.95 points or 0.09 per cent to 24,596.15.
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Oppn, X users flag concerns over US envoy Sergio Gor’s visit to Army’s western command
New Delhi: A visit by the US Ambassador to India, Sergio Gor, to Chandigarh on Monday has triggered sharp criticism from opposition leaders and social media users, raising questions about national security and foreign policy.
On X, Ambassador Gor announced his visit, writing, “Just landed in Chandigarh. Looking forward to visiting the Western Command of the Indian Army.”
Just landed in Chandigarh. Looking forward to visiting the Western Command of the Indian Army
— Ambassador Sergio Gor (@USAmbIndia) February 16, 2026
Soon after, opposition voices questioned the broader implications of the visit. Congress Kerala, in a post, commented, “Why so much panic? We’ve already seen Pakistan's ISI getting access to Pathankot Airbase with this government's blessings. Didn't they say then ‘Modi ne kiya ho to kuch soch samajh kar kiya hoga?’ Compared to that, this is very small.”
Why so much panic? We’ve already seen Pakistan's ISI getting access to Pathankot Airbase with this government's blessings.
— Congress Kerala (@INCKerala) February 16, 2026
Didn't they say then "Modi ne kiya ho to kuch soch samajh kar kiya hoga?"
Compared to that, this is very small. pic.twitter.com/gNNuAGQBPC
Shiv Sena (UBT) leader Priyanka Chaturvedi also weighed in, writing, “Since India’s national strategic interests are now tied to what US wants India to do, this visit seems to sync with that.”
She further added, “India’s history will remember the de-escalation announcement between India and Pak was announced on social media by the US President before Indians got to know from their own government. US Ambassador is doing the job for his nation, who is doing for us? The answer is blowing in the wind.”
Since India’s national strategic interests are now tied to what US wants India to do, this visit seems to sync with that. India’s history will remember the de-escalation announcement between India and Pak was announced on social media by the US President before Indians got to… pic.twitter.com/rYMq5NhJHA
— Priyanka Chaturvedi🇮🇳 (@priyankac19) February 16, 2026
The visit comes against the backdrop of the growing US-India defence partnership.
Writer and political analyst @rajuparulekar commented on ‘X’, “East India Company is back!”
“Is it allowed for an ambassador to visit any army unit in india?” asked another user.
Several X users expressed concerns over the appropriateness of the visit.
One asked, “Is it allowed for an ambassador to visit any army unit in India?” Another wrote, “Why an ambassador visiting our army places? To talk to Chandigarh lobby for F-35?”
Why an ambassador visiting our army places ? To talk to chandigarh lobby for f-35 ??
— Rohan Sagar (@RohanSagar03) February 16, 2026
“We have completely sold Indian sovereignty. Rothschild the evil Bankers will now control NSE. Modi sold Bharat Mata to Trump . And now American imperialist is visiting our army command . Scary,” wrote another user.
“The Indian Army isn’t part of geopolitics, so why is he interested in visiting there?,” opined another.
The Indian Army isn’t part of geopolitics, so why is he interested in visiting there?
— Aditya Pratap Singh (@Adi_IIMCIAN) February 16, 2026
On Sunday, Gor welcomed Admiral Samuel Paparo, Commander of the United States Indo-Pacific Command (INDOPACOM), highlighting efforts to expand the growing US-India defence partnership.
In a post on X, Gor wrote, “Delighted to have @INDOPACOM Commander Admiral Samuel Paparo in India to expand the U.S.-India defense partnership. Now is the time to strengthen vital cooperation between our two nations.”
On Monday, Admiral Samuel J. Paparo Jr visited the headquarters of India’s Western Army Command along with the American envoy Sergio Gor. The delegation was briefed on the formation’s capabilities, its past operations, and future plans.
The American delegation also visited Bengaluru, where they met three start-ups, two in the space sector and one in defence, and participated in an Indo-US conference.
