The Indian stock market posted sharp losses in Friday’s session, August 8, extending the benchmark indices’ weekly losing streak to six weeks, the worst trend bulls have seen in the last five years, indicating sustained selling across the broad.

Investor sentiment continues to remain weak amid higher tariffs imposed by US President Donald Trump, disappointing June-quarter earnings so far, and the absence of fresh market triggers, causing Indian stocks to fall to levels not seen since early May and to break key support levels.

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The Nifty 50 fell 0.95% to 24,363 points, ending the week with a 0.82% drop, its sixth straight weekly loss. The S&P BSE Sensex also closed 0.92% lower, falling below the 80K to 79,857, extending its weekly decline to six.

In a more severe blow, the broader markets suffered deeper cuts, with the Nifty Midcap 100 and Nifty Smallcap 100 indices each losing over 1.7% and taking their weekly losses to more than 1.3%.

Donald Trump on Thursday ruled out the possibility of trade negotiations with India. “No, not until we get it resolved,” Trump said in the Oval Office to a question on whether he expects increased trade negotiations with India since he has announced 50% tariffs on the country.

Also Read | Trump’s tariff tantrum: $10 billion risk for Indian textile exports is brewing

On August 7, Prime Minister Narendra Modi said India will not compromise on the interests of farmers, fishermen, and dairy farmers. He said the country is ready to pay a huge price for it.

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 imports to 50%.

Analysts believe Trump is using tariffs as a strategic tool to pressure New Delhi into cutting ties with Russia, including pausing crude oil imports and defense purchases.

13 stocks crash between 5% and 22%

Thirteen constituents of the Nifty 500 pack saw sharp declines, with PG Electroplast leading the fall as its share price plunged 22%, the worst intraday drop in the recent past after investors were disappointed with the company’s June-quarter numbers.

Kalyan Jewellers’ shares also tumbled 11% in reaction to its Q1 results. Despite the numbers being strong, tariff concerns weighed on sentiment. Titagarh Rail Systems shares also closed 6.1% lower. Other stocks such as The Ramco Cements, Biocon, Jindal Stainless, Coforge, ITI, Chambal Fertilisers, Data Patterns, Mazagon Dock Shipbuilders, Amber Enterprises, and Schneider Electric dropped between 5% and 6%.

Over 10 stocks end with gains despite market sell-off

Despite the deepening sell-off in the Indian stock market, more than 10 stocks managed to buck the trend, with Global Health emerging as the top gainer, rising 7.3% after the company reported a 50% YoY jump in consolidated net profit to ₹159 crore.

Likewise, Kalpataru Projects shares gained 6.25% to ₹1,181 apiece as demand for the counter surged following its stellar 154% YoY jump in net profit to ₹214 crore.

Also Read | Kalyan Jewellers share price crashes 9% despite a 49% jump in Q1 profit

Sai Life Sciences was another stock that saw a sharp rise of 5% to ₹827.90 apiece. General Insurance Company, Bank of Maharashtra, Cummins India, Kajaria Ceramics, Sterling and Wilson Renewable Energy, Indian Energy Exchange, LIC, Gujarat Pipavav Port, Max Financial Services, and BPCL all ended the session with gains between 3% and 4.1%.

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