Indian stock markets tumbled sharply, with the Nifty 50 down 3.24% and the BSE Sensex falling 2.95%, marking their worst loss since June 2024. The decline was driven by global trade tensions after U.S. tariffs were announced, raising recession fears. All major sectors fell, with metals, financials, and IT hardest hit. The rupee also weakened 0.7% against the dollar. Globally, markets faced similar pressures, with European indices dropping and the U.S. recession probability raised to 45% by Goldman Sachs.