New Delhi, Aug. 7 -- The sell-off in the Indian stock market deepened on Thursday, August 7, with both the Nifty 50 and Sensex dropping over 0.6% and slipping below key levels. Investor sentiment was dampened after U.S. President Donald Trump raised duties on Indian imports to 50%, triggering a sharp decline in major export-oriented sectors, including textiles, gems and jewellery, automobiles, and pharmaceuticals.

On Wednesday, Trump signed an executive order imposing an additional 25% tariff on Indian goods, citing India's continued imports of Russian oil as the rationale. This hike is in addition to the 25% tariff announced last week, bringing the total U.S. duty on many Indian exports to 50%.

The initial 25% duty takes effect on Augu...