New Delhi, Aug. 28 -- As the additional 25% tariff imposed by US President Donald Trump on India came into effect, the Indian stock market went into a meltdown mode.

The levy imposed for the purchases of Russian oil is over and above the 25% duties that Indian exports to the US attract, taking the effective tariff rate to 50%. This dented investor sentiment, leading to a sharp fall in the index for the second consecutive session today, August 29.

Against this backdrop, while the Sensex lost 0.87% or 706 points to end at 80,080.57, the Nifty 50 nosedived 211 points or 0.85% to 24,500.90, essentially breaching its 100-EMA on the daily chart.

According to analysts, Nifty's breach of its medium-term support at the 100-day EMA around 24,600...