Mumbai, July 31 -- The domestic equity benchmarks ended with modest losses today, snapping a two-day winning streak. The sell-off was triggered after U.S. President Donald Trump announced a 25% tariff on Indian goods, effective August 1, along with an additional, unspecified penalty for India's purchase of items from Russia. Trading was volatile due to the weekly Nifty50 F&O series expiry.

The Nifty settled below the 24,800 level after hitting the day's high of 24,935 in afternoon trade.

Oil & gas, pharma and metal shares corrected, while FMCG and media shares advanced.

As per provisional closing data, the barometer index, the S&P BSE Sensex declined 296.28 points or 0.36% to 81,185.58. The Nifty 50 index lost 86.70 points or 0.35% to...