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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Rohit identifies Arshdeep, Hardik as key to India's chances in T20 World Cup
New Delhi (PTI): T20 World Cup-winning captain Rohit Sharma reckons all-rounder Hardik Pandya and left-arm seamer Arshdeep Singh will hold the key to India's prospects in the upcoming edition of the tournament.
Defending champions India will enter the T20 showpiece as one of the overwhelming favourites due to their massive depth and quality.
Rohit highlighted Arshdeep's effectiveness with the new ball and at the death.
"It is a big positive to have both Jasprit Bumrah and Arshdeep Singh together because they always attack for wickets. Arshdeep's biggest strength is swinging the new ball and taking early wickets. He mainly bowls with the new ball and at the death. Starting and finishing are the most important phases, and he is strong in both," Rohit told JioHotstar.
"With the new ball, he swings it to get left-handers caught in the slips and targets the pads of right-handers. He has also started taking the ball away from right-handers. These skills are key for a new-ball bowler. He always tries to take wickets, which is why he bowls the first over."
Rohit added, "In the 2024 T20 World Cup final against South Africa, he did a great job. I still remember he dismissed Quinton de Kock when he was set and batting well. In the 19th over, he gave away just two or three runs, which built pressure on the South Africans.
"That is his game, bowling with the new ball and at the death, and he will play a key role for India in the 2026 T20 World Cup."
India won the last edition of the tournament in the Americas under Rohit's captaincy, after which the dashing opener retired from the T20 format internationally.
Rohit also spoke about how Hardik's dual role as a finisher and multi-phase bowler provides crucial balance to the Indian team.
"Whenever Hardik Pandya is in the team, his role is huge. He bats and bowls very consistently. His batting is crucial when the team is stuck. If we have a score of 160 on the board in 15-16 overs and Hardik is batting, then he's the one who can help the team reach 210-220 from there or if we are 50 for 4, he has to build the innings.
"Batting in the middle order at 5, 6, or 7 is very tough. That is why Hardik's role is critical in any format. We know his bowling. He bowls in key phases, with the new ball, in the middle and in the death as well. His role is very important because he gives the team balance, letting us play six bowlers and keep our batting deep."
Rohit said accommodating both Kuldeep Yadav and Varun Chakravarthy together in the playing XI is going to be a big challenge for the Indian team management.
"The biggest challenge for captain Suryakumar Yadav and coach Gautam Gambhir will be how to play both Kuldeep Yadav and Varun Chakaravarthy together. If you want that combination, you can only do it if you play with two seamers, which is a big challenge.
"But honestly, I would be tempted to play both Varun and Kuldeep because they are wicket-takers and batters struggle to read them. I would surely pick them."
The former India skipper added, "Looking at the conditions in India, like in this New Zealand series, there is a lot of dew. In February and March, dew will be heavy across most parts as winter ends.
"Even in Mumbai, which doesn't get cold, there's still dew. I'd say 90-95 percent of grounds in India have dew. That's the challenge. What do the coach and captain think? Are they comfortable with three spinners? Then they can play spin, but there's no fixed rule. It depends on the team leaders' thinking."
Rohit also urged Kuldeep to stop appealing on every ball and to rely on the wicketkeeper's judgment for reviews.
"My one simple advice to Kuldeep is to just bowl quietly and go back to his mark. You can't appeal on every ball. This is basic. I keep saying it, but it still happens often. Even after telling him many times, he appeals at every chance. You have to use your head. Just because it touches the pad, it doesn't mean it's out every time. This isn't gully cricket.
"I get he is enthusiastic, but think of the team first. Each team only gets two DRS reviews. If I was the keeper, I could see where the ball pitched and if it was hitting, I could tell the bowler.
"But from covers or slip, you don't know the angle. You have to listen to what the keeper and bowler say. That's why when there's a review off Kuldeep's bowling, I don't look at him, I look at the keeper to decide."
The T20 World Cup is scheduled to be held in venues across India and Sri Lanka from February 7 to March 8.
