India's stock markets plunged sharply on Monday amid global turmoil, with the Sensex and Nifty mirroring the massive sell-off in Asian and Wall Street markets. The trigger: U.S. President Donald Trump's aggressive tariff hikes, which took effect on April 2. His new policy imposes up to 34% tax on imports from China and similarly high levies on the EU, Japan, South Korea, and Taiwan.

The ripple effects were felt worldwide—S&P 500, Nasdaq, and Dow Jones futures signaled deeper losses. Indian 10-year bond yields rose to 6.4882%, reflecting investor flight from equities. Crude prices also sank, with Brent hitting a four-year low after Saudi Arabia slashed prices to offset tariff concerns.

Markets now eye domestic cues, including RBI's policy meeting, to ease fears as recession risks mount globally.

LIVE UPDATE: 

Oil prices fell after Saudi Arabia slashed its flagship crude price by the most in over two years due to the escalating trade war. Brent fell by almost 4% to $63.01 a barrel, hitting a four-year low, while West Texas Intermediate was near $60.