Global stock markets experienced a downturn as Wall Street's early year rally cooled, with major Asian indices like Tokyo's Nikkei and Hong Kong's Hang Seng falling. This decline was partly attributed to comments from US President Donald Trump regarding potential tariffs on countries buying Russian oil and a proposed ban on large investors buying single-family homes. In India, equities saw a significant drop, with the Sensex and Nifty extending losses over five consecutive sessions, wiping out substantial market capitalization due to these geopolitical and trade uncertainties.