(fxcue news) - Indian stock markets remain closed today for Eid Ul Fitr, which marks the month-long fasting period of Ramadan. The benchmark 30-share BSE Sensex ended the month of March with a 5.8 percent gain and the Nifty surged 6.3 percent, recording their best monthly gains since their peak levels of September 2024 as FIIs turned net buyers over the past few days. In the week ahead, investors are likely to evaluate the implications of U.S. tariffs on the auto, ancillary, pharma and other sectors. U.S. President Donald Trump said on Sunday that reciprocal tariffs he is set to announce this week will include all nations, not just a smaller group of 10 to 15 countries with the biggest trade imbalances. Asian markets were deep in the red this morning, though mainland Chinese stocks clung to modest gains as a survey showed China's manufacturing activity inched higher in March. Oil prices eased as Trump warned of possible secondary tariffs on Russian buyers if he feels Moscow is blocking his efforts to end the war in Ukraine. Gold hit a new record high, buoyed by falling U.S. Treasury yields and a weakening dollar. U.S. stocks ended lower for a third straight session on Friday while Treasury yields fell as signs of reinvigorated inflation pressures amid souring consumer sentiment heightened concerns about the health of the U.S. economy. Data showed the Federal Reserve's preferred inflation gauge of "core" PCE rose 0.4 percent month-on-month in February and 2.8 percent year-on-year, continuing a stubborn plateau on the path to the Fed's 2 percent target. A measure of U.S. consumer sentiment in March plummeted to its lowest level since November 2022 while long-term inflation views rose to 32-year high of 4.1 percent. The tech-heavy Nasdaq Composite plummeted 2.7 percent to a six-month closing low, the S&P 500 plunged 2 percent and the Dow slumped 1.7 percent. European stocks closed lower on Friday amid concerns about an escalating trade war. The pan European STOXX 600 fell 0.8 percent to extend losses for a third consecutive session. The German DAX gave up 1 percent, France' CAC 40 declined 0.9 percent and the U.K.'s FTSE 100 finished marginally lower.