Mumbai, Aug. 8 -- Headline equity benchmarks ended sharply lower today as traders stayed cautious following President Donald Trump's tariff hike announcement. On August 6, Trump raised US tariffs on Indian goods from 25% to 50%, blaming New Delhi's continued purchase of Russian oil. India fired back, calling the move "unfair" and "unjustified." This escalating trade tension sent market sentiment into risk-off mode, with investors turning more defensive. Adding to the gloom were persistent foreign investor outflows and muted Q1 earnings, which further weighed on sentiment. The Nifty slipped below the 24,400 mark, with realty, consumer durables, and metals shares leading the sell-off.

The S&P BSE Sensex took a hit, dropping 765.47 points, ...