India, April 7 -- Indian markets took a major hit on Monday with fears of a global trade war growing after US President Donald Trump announced tariffs on all countries. The Sensex, Nifty crash was preceded by a market rout on Wall Street and other major Asian markets like Japan, Singapore and China.

On the opening bell on Monday, both the Sensex and Nifty were down nearly 5 per cent. Sensex crashed 3,939.68 points to 71,425.01 in early trade, while Nifty tumbled 1,160.8 points to 21,743.65.

Among the worst-hit shares were those of IT companies, which earn a significant revenue from the US. Tata Steel dropped over 8 per cent, followed by Tata Motors which cracked more than 7 per cent. HCL Technologies, Tech Mahindra, Infosys, Larsen & To...