The Nasdaq index has also entered a bear market confirmed on Friday.
Indian shares plunge as global markets reel from Trump’s reciprocal tariff move, latest news: The Indian stock market suffered its worst single-day decline in 10 months on Monday, April 7, 2025, amid growing concerns about a global trade war and fears of a U.S. recession, which rattled international markets.
According to a Reuters report, the Nifty 50 and BSE Sensex trimmed some of their pre-open losses but were still down by 4.03% and 3.86%, trading at 21,982.05 and 72,455.5 points, respectively, as of 11:18 a.m. IST.
Both indices fell by nearly 5% at the market open, marking their worst percentage drop since March 2020.
Other major Asian markets also declined sharply following the announcement of U.S. tariffs.
The MSCI Asia ex-Japan index fell 7.6%, while Japan’s Nikkei 225 dropped 7%.
Taiwan’s TAIEX Index recorded its largest one-day percentage fall on record, plummeting almost 10%.
South Korea’s KOSPI Index declined by 5.6%, triggering a temporary trading halt due to the steep drop.
In Pakistan, trading on the KSE 100 Index was temporarily paused for 45 minutes after the benchmark dropped by more than 5%.
Hong Kong’s Hang Seng index slumped nearly 9%, with steep losses in tech, solar, banking, and retail stocks. Shares of HSBC and Standard Chartered plunged 13% and 16%, respectively.
Meanwhile, China’s CSI 300 index dropped over 5%, as selling pressure spread across sectors. The yuan weakened to its lowest level since January, while bonds rallied sharply.
According to Reuters, Federal Reserve Chair Jerome Powell said on Friday that President Donald Trump’s newly announced tariffs were larger than expected, and warned that they would likely affect inflation and economic growth, leading to an uncertain outlook for the U.S. economy.
The Nasdaq index has also entered a bear market confirmed on Friday.
Investor confidence has sharply declined following the reciprocal tariffs and retaliatory measures by China, escalating tensions in the ongoing trade war, as per analyst according to Reuters.
Analysts at Kotak Institutional Equities, led by Sanjeev Prasad, was quoted as saying that the retaliatory tariffs — even if temporary — have created greater uncertainty for businesses and investors.
Prasad told Reuters that the performance of Indian markets in the coming weeks would depend on whether there is reconciliation or further retaliation in the tariff conflict, as well as the reaction of retail and domestic institutional investors in India.
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