Markets sink after Trump says ceasefire ends; Rs 8.40 lakh crore wiped-off, Sensex losses 1600 pts

NEW DELHI, Jul 8: Indian stock markets on Wednesday extended their losses and witnessed a bloodbath after the United States President Donald Trump announced that the ceasefire is 'over'. Weak global cues and a sharp spike in crude oil prices added to the market's decline.

At close, Sensex was down 1,677.12 points or 2.15 per cent at 76,503.60 while Nifty was down 516.65 points or 2.12 percent at 23,882.05. The market capitalisation of BSE-listed companies declined by Rs 8.41 lakh crore to around Rs 471.78 lakh crore from Rs 480.20 lakh crore in the previous session.

Brent crude climbed as much as 6.52 per cent or USD 4.69 to trade near USD 80 a barrel while US benchmark West Texas Intermediate (WTI) advanced more than 6 per cent or USD 4.85 to around USD 75 a barrel.

The sectoral indices were also hit by the falling crude oil prices as Nifty Oil & Gas fell 2.2 percent. Nifty Auto was down by 2.2 percent, and Nifty Infrastructure was down by 2 per cent. Nifty Pharma index shed 0.97 per cent, and Nifty Metal declined 0.9 per cent.

Nifty PSU Bank index declined 2.7 per cent, followed by Nifty Bank down by 2.5 per cent, Nifty Private Bank by 2.5 per cent), Nifty FMCG by 2.5 per cent and Nifty Media down by 2.33 per cent.

The key banks witnessed steep declines, with union Bank of India falling about 3.4 per cent while Bank of Baroda, Punjab National Bank, and Kotak Mahindra Bank dropped over 2 per cent.

ICICI Bank, Canara Bank, IDFC First Bank, Yes Bank, HDFC Bank, State Bank of India, IndusInd Bank, AU Small Finance Bank, and Axis Bank traded between 1 per cent and 2 per cent.

India VIX surged nearly 25 per cent, the biggest gain since April 2025.

On BSE, over 100 stocks touched their 52-week high. These included Aether Industries, JK Bank, FSN E-Commerce Ventures (Nykaa), Ather Energy, Adani Energy Solutions, JB Chemicals & Pharmaceuticals, Zydus Lifesciences, Sona BLW Precision Forgings, Torrent Pharmaceuticals, Schneider Electric Infrastructure, Inventurus Knowledge Solutions, Lupin, Sun Pharmaceutical Industries, and Gland Pharma, among others.

Indian rupee also reversed its previous session's gains, settling 58 paise lower at 95.55 against the US dollar.

(UNI)