Mumbai, Aug 1 (PTI) Equity benchmark indices Sensex and Nifty declined sharply for the second straight session on Friday, tracking deep losses in metal, IT and telecom stocks amid trade-related concerns and widespread selling pressure in global markets.

Besides, persistent selling by foreign investors added to the gloom, according to experts. In a volatile trade, the 30-share BSE Sensex tumbled 585.67 points or 0.72 per cent to settle at 80,599.91. During the day, it dropped 690.01 points or 0.84 per cent to 80,495.57.

The 50-share NSE Nifty declined 203 points or 0.82 per cent to 24,565.35.

US President Donald Trump unveiled sweeping new tariffs on dozens of countries, including 25 per cent duties for goods from India, marking a new era of American protectionism that triggered fresh tensions and concerns over a much wider disruption in the global trade landscape.

From the Sensex firms, Sun Pharma tumbled 4.43 per cent after the company reported a 20 per cent year-on-year decline in consolidated net profit to Rs 2,279 crore for the first quarter ended June 30, 2025.

Tata Steel, Maruti, Tata Motors, Infosys, Bharti Airtel and Tech Mahindra were also among the laggards.

However, Trent, Asian Paints, Hindustan Unilever, ITC, Kotak Mahindra Bank, and Reliance Industries were the gainers.

The US president signed an executive order on Thursday that raised tariffs for over five dozen countries, with Washington's negotiations for trade deals going down to the wire ahead of the August 1 deadline.

In the Executive Order titled 'Further Modifying The Reciprocal Tariff Rates', Trump announced tariff rates for nearly 70 nations.

A 25 per cent "Reciprocal Tariff, Adjusted" has been imposed on India, according to the list released. The order, however, does not mention the "penalty" that Trump had said India would have to pay because it purchases Russian military equipment and energy.  While August 1 was the tariff deadline, the new levies will come into effect from August 7.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 5,588.91 crore on Thursday, according to exchange data.

In Asian markets, South Korea's Kospi, Japan's Nikkei 225 index, Shanghai's SSE Composite index and Hong Kong's Hang Seng settled lower.

Equity markets in Europe were trading in the red.

The US markets ended in negative territory on Thursday.

Global oil benchmark Brent crude declined 0.39 per cent to USD 71.42 a barrel.

On Thursday, the Sensex declined 296.28 points or 0.36 per cent to settle at 81,185.58. The Nifty dropped 86.70 points or 0.35 per cent to 24,768.35. PTI SUM SUM BAL BAL

Reciprocal tariff announcement prompts broad market sell-off and foreign investor exits, heightening trade tension and volatility. The Executive Order 'Further Modifying The Reciprocal Tariff Rates' imposes an adjusted reciprocal tariff regime on nearly seventy countries, including a 25 percent Reciprocal Tariff, Adjusted for India, with the new levies scheduled to take effect from a specified date; the order does not list a separate penalty referenced earlier. The announcement triggered sharp domestic equity declines, sectoral sell-offs, and substantial foreign institutional investor outflows, amplifying market volatility tied to trade-policy disruption.