Indian stock market, Aug. 3 -- The Indian stock market closed with sharp losses on Friday, August 1, as widespread selling pressure marked the start of the August derivatives series. The decline was driven by worries over tariffs, weak corporate earnings, and continued foreign fund outflows.

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

Losses were more pronounced in the broader market, with both the BSE Midcap and Small-cap indices experiencing steeper declines.

The steep market decline wiped out more than Rs.5 crore of investor wealth in just one session, with the total market capitalisation of BSE-listed companies fallin...