Black Monday? GIFT NIFTY indicates 800-point gap down; five key things to know before market opens on April 7

After falling 2.5% for the week, Indian markets are set for further meltdown as the market rout continues for the third consecutive day after tariffs were announced. Investors across the globe grapple with the aftermath of sweeping reciprocal tariffs that rattled their portfolios. Many experienced investors and TV anchors like Jim Cramer call it a ‘Black Monday’ like 1987, when Dow Jones fell more than 22% in a single day. Will it be a black Monday for Indian markets today? Here are five things to know before the opening bell.

GIFT NIFTY

The GIFT NIFTY futures indicate an 800-point gap down on Monday for Indian markets, second to worse than in the COVID-19 market crash in March 2020. NIFTY50 closed at the 22,900 level on Friday, indicating an implied open of 22,100. The sharp drop is primarily led by deep cuts in Asian markets on Monday morning.

Asian markets

Japanese and Taiwanese indices opened 8% lower and hit the circuit breaker levels. Similarly, the Hong Kong and Chinese markets traded with more than 8% cuts on Monday morning as the market rout continued in global markets. The sharp cuts are primarily led by fears of recession in the global economy due to the trade war. The Japanese markets traded 5.71% lower at 7:45 am at the 31,842 level, recouping some of the early morning losses.

Crude oil

The crude oil prices fell more than 12% in two trading sessions, falling to three-year low levels of below $60 per barrel. The deep cuts in crude oil prices point towards an impending recession that could create a slump in the demand and stir the demand-supply dynamics. WTI crude oil prices hovered around $60 per barrel and Brent crude oil prices fell below $63 per barrel.

Gold After a sharp pullback from record-high levels to $3,000 per ounce, gold prices have now recouped some losses to trade near $3,040 levels. Investors pile on haven assets like gold as uncertainty looms over the global economy induced by tariffs. Gold has been the best-performing asset in 2025 by gaining more than 20% in just three months as compared to losses in equities.

Stocks to watch

As Indian markets brace for sharp cuts on Monday morning, key stocks like Tata Motors, Infosys, Tech Mahindra, Sun Pharmaceuticals, and Cipla will remain in focus as they are expected to have a larger impact of tariffs. Apart from these Metals and mining, oil & gas stocks like Tata Steel, Vedanta, Hindalco, and ONGC are also expected to be in focus on Monday morning.