New Delhi, Aug. 3 -- Indian stock markets closed sharply lower on Friday, August 1, as widespread selling marked the start of the August derivatives series. Investor sentiment was weighed down by concerns over tariffs, disappointing earnings, and continued foreign fund outflows.

The Sensex declined by 586 points, or 0.72 per cent , to close at 80,599.91, while the Nifty 50 dropped 203 points, or 0.82 per cent, ending the session at 24,565.35.

Broader market indices saw steeper declines, with the BSE Midcap index slipping 1.37 per cent and the Small-cap index falling by 1.59 per cent.

"Domestic equity market navigated a volatile week marked by heightened uncertainty surrounding trade negotiations and subdued earnings. The market oscilla...