Key facts
- Sensex fell 1,680 points in a single session
- Nifty50 closed below 23,900
- Trump declared end of trade truce, triggering global selloff
- Top losers included HPCL, IndiGo, MRF, Bank of India, Coforge
Indian stock markets were gripped by a brutal selloff on July 8, with the Sensex crashing 1,680 points and the Nifty50 closing below 23,900 — one of the sharpest single-session falls in recent months. The trigger was unmistakable: US President Donald Trump's declaration that the trade truce was over, sending shockwaves across global markets and hitting Dalal Street hard.
The selloff was swift and broad-based, with virtually no sector spared. Aegis Logistics, HPCL, Bank of India, IndiGo, Coforge, and MRF featured among the day's top losers, reflecting the panic that spread from large-caps to mid-caps. Traders and fund managers scrambled to reassess positions as geopolitical and trade uncertainty spiked simultaneously.
Compounding the pressure were multiple macro headwinds. A flare-up in US-Iran tensions had already pushed crude oil prices higher, with Brent crude hovering around $76 a barrel — a concern for India given its dependence on imported oil. A stalled India-US trade deal added to the gloom, with analysts noting that the much-awaited agreement remains stuck on several contentious points, leaving Indian exporters in limbo.
The scale of the fall underscores just how exposed Indian markets remain to global cues, particularly any shift in US trade or foreign policy. With the Trump administration signalling a more aggressive stance, traders are bracing for continued volatility. Market participants will be watching upcoming US-India diplomatic signals and domestic macroeconomic data closely for any stabilisation cues.