New Delhi, Aug. 29 -- India's equity markets closed sharply lower on Thursday, 28 August. The Nifty 50 lost 0.85% or 211 points to settle at 24,500.90 while the Sensex declined by about 705 points.

Investor sentiment weakened as the US's additional 25% tariffs on Indian goods became effective from Wednesday, raising concerns over trade and corporate earnings outlook. Persistent foreign institutional investor outflows further weighed on the market, while weakness in banking and IT stocks dragged the indices lower.

Bank Nifty underperformed, reflecting broad-based selling across financial counters and reinforcing the overall cautious market tone.

On Thursday, Indian equities witnessed a sharp correction, with the benchmark indices closin...