Mumbai, July 31 -- The headline equity indices ended slightly lower on Thursday, snapping a two-day winning run, as markets reacted sharply to an unexpected tariff announcement from the United States and volatility from the monthly derivatives expiry.

Indices opened on a weak note and saw a knee-jerk sell-off, but a mid-session recovery in heavyweight stocks helped the indices briefly turn positive. However, renewed selling pressure in the final hour pushed benchmarks back into negative territory. The Nifty 50 slipped below 24,800, dragged down by weakness in energy, metal, and pharma stocks. However, FMCG bucked the weak market trend.

Sentiment turned risk-averse after U.S. President Donald Trump announced a 25% tariff on Indian goods,...