Indian stock markets plunged 5 per cent on Monday tracking Asian shares amid concerns over escalation in trade wars following the US reciprocal tariff announcements. The BSE’s 30-share Sensex plunged 5.19 per cent, or 3,914 points to open at 71,449.94. The broader Nifty tumbled 5 per cent, or 1,146.05, to open at 21,758.4. Last week, US President Donald Trump announced reciprocal tariffs on various trading partners of the US, including India. India faces a 26 per cent hike in tariffs. A 10 per cent minimum tariff came into effect from April 5 on all imports entering the US. Story continues below this ad On Friday, China swiftly announced retaliatory tariffs, matching the U. reciprocal tariff rate of 34 per cent. “Investor confidence plummeted after US reciprocal tariffs triggered retaliatory measures from China. This escalating trade war has profoundly unsettled investors and intensified fears of an impending recession,” said Devarsh Vakil, Head of Prime Research, HDFC Securities. Sharp fall in US market downturns weakened rebound expectations, and foreign institutional investors selling in Indian markets intensified bearish …