Investors had been anticipating another week of turbulence as global trading partners react to the harsher-than-expected tariffs. U.S. S&P 500 E-minis stock futures were last down 4%. Dow E-minis were down 3.8%, while Nasdaq 100 E-minis were down 4.6% at the open on Sunday.

The Nikkei dropped as much as 8.8% to hit 30,792.74 for the first time since October 2023. The index was trading down 7.3% at 31,318.79, as of 0034 GMT.

Pro-growth currencies like the Australian and New Zealand dollars were not spared in the market rout that battered risk assets and wiped out nearly $6 trillion in value from U.S. stocks last week, on mounting fears of a global recession, particularly in the United States.

Brent futures declined $2.28, or 3.5%, to $63.30 a barrel at 0049 GMT, while U.S. West Texas Intermediate crude futures lost $2.20, or 3.6%, to $59.79. At the session low, both benchmarks hit their lowest since April 2021.

Markets declined by nearly one and a half percent due to weak global cues. Key stocks such as Nykaa, Delhivery, IndusInd Bank, and ITC will be watched closely amidst third-quarter updates and new developments, including acquisitions, revenue growth, and executive changes.

Indian equity markets saw a sharp downturn, with benchmark indices slipping over 2.5%, mainly due to weak global cues and trade war concerns. Upcoming events include the MPC meeting on April 9, key macroeconomic indicators on April 11, and TCS s Q4 results on April 10. Market sentiment remains weak, and further decline may trigger additional correction.

Stocks that were in focus include names like Shriram Finance, which rose 0.44% and BEL, which declined 3.2% and RITES, whose shares rose 0.6% on Wednesday.

Hong Kong and Chinese stock markets plunged on Monday due to escalating global trade tensions and recession fears. The Hang Seng index dropped over 10%, with significant declines in banking stocks like HSBC and Standard Chartered. The CSI300 blue-chip index fell over 5%, and the yuan hit its lowest level since January.

Nilesh Shah, MD of Kotak AMC, explains that global uncertainty, including the US tariff war, is causing short-term market volatility. Investors are cautious, and asset classes face synchronized selling. India s market status and its potential benefit from these tariffs depend on how well the country captures emerging opportunities amidst global economic instability.