Stock Market LIVE: Sensex and Nifty plummet more than 3% each on Black Monday on D-St; VIX soars 52%; RIL hits a 52-week low

Amid growing concerns about a U.S. recession and mounting global trade tensions that have eroded investor confidence globally, India's key stock indices, the Sensex and Nifty 50, saw steep declines in trading on Monday.

With Tata Steel and Tata Motors leading the way, all components of the Sensex and Nifty indices were trading down. It was a sea of red on the sectoral front as well.

Wall Street saw a sharp drop last week, and Asian markets have plummeted. Additionally, U.S. stock futures show ongoing selling pressure as concerns about an impending recession in the greatest economy in the world intensified in the wake of President Donald Trump's unexpectedly harsh tariffs.

Shortly after opening, Tokyo's Nikkei 225 index fell by about 8%, and by lunchtime, it had dropped 6% to 31,758.28. After a sharp decline in U.S. futures, a circuit breaker momentarily stopped trading Topix futures.

Even if they don't often follow international patterns, Chinese markets also saw significant drops. The Shanghai Composite sank 6.2% to 3,134.98, while Hong Kong's Hang Seng index fell 9.4% to 20,703.30.

Other Asia-Pacific markets saw a 4.1% decline in South Korea's Kospi to 2,363.82, and a 3.8% decline in Australia's S&P/ASX 200 to 7,377.70, following a minor recovery from a loss of more than 6%.