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Wall Street s main indexes opened sharply lower on Monday, with the S&P 500 on track to confirm bear market territory, as investors sought refuge in government bonds on economic worries over the fallout of U.S. President Donald Trump s sweeping tariff plans.

SEBI has penalized Reliance Securities with Rs 7 lakh for violating stock broker regulations. An inspection revealed incorrect details in client margin statements and ledger balances. The firm also failed to comply with risk-based supervision guidelines by misreporting cash collateral data.

Foreign investors pulled over ₹9,000 crore from Indian equities, marking April’s second-largest outflow in 2025. Nifty plunged 5% intraday before partially recovering, weighed by US tariffs, global recession fears, rising US yields, and a weakening rupee.

Indian markets plunged Monday amid weak global cues, with the Nifty falling over 3% and Sensex tumbling 2200 points. Analysts highlight 22000 as a crucial support level, with further downside possible if breached.

India s overnight borrowing costs for banks, indicated by the weighted average call rate (WACR), dipped to 6.16% on Monday, falling below the repo rate due to surplus liquidity. The 10-year benchmark government security yields rose slightly amidst a sell-off in stocks and bonds.

The Monetary Policy Committee (MPC) is scheduled to announce its rate decision on Wednesday, having slashed the policy rates for the first time in nearly five years by a quarter percentage point two months ago. An ET poll showed participants expect another quarter-percentage point reduction in rates this week, taking the repo rate to 6%.

Early on Monday, all three major U.S. indexes touched their lowest levels in more than a year, and the CBOE Volatility index breached 60 points, which was its highest level since August 2024. In the afternoon, the volatility index, seen as Wall Street s fear gauge, was at 46.35 points. "On a constructive note, we re still off of the early morning lows," said Michael James, managing director of equity trading at Rosenblatt Securities.

Technical analysts suggest the Nifty is at a crucial juncture, with 21,700-21,900 acting as a key support. A break below this level could trigger a further decline to 21,200-21,300.

A global retreat in crude oil prices to bear territory cushioned the rupee s fall, as did likely dollar sales by exporters and RBI to help the unit find a floor, traders said.

Gold prices in Kolkata experienced a nearly 3% drop, falling to ₹88,401 per 10 gm, triggering a surge in demand from wedding shoppers and bullion investors. Jewelers anticipate a significant increase in sales volume this week, driven by the price correction and upcoming wedding season.