New Delhi, Aug. 1 -- Indian stocks sold off sharply in Friday's trading session, led by steep declines in pharma stocks and mid- and small-cap tech stocks. The sell-off came amid escalating global trade tensions after the United States imposed steep tariffs on exports from dozens of trading partners and reiterated a 25% duty on India ahead of a trade deal deadline.

The Nifty closed the session down 0.82% at 24,565 points, extending its weekly losses for the fifth straight week with another 1.13% decline. The S&P BSE Sensex also ended lower by 0.72% at 80,599, finishing the week nearly 1% down.

This marks the longest weekly losing streak for both indices in the past two years. Broader markets saw even steeper losses, with the Nifty Midca...