English हिन्दी
Connect with us

India News

Sensex, Nifty plunge amid global turmoil

The pervasive risk aversion in international markets kept the dollar in high demand, adding further pressure on the rupee.

Published

on

The Indian equity markets nose-dived dramatically today, mirroring the upheaval in global markets. In the opening session, the Nifty and Sensex indices plunged sharply, sending shockwaves through the financial community.

The Sensex lost 2,600 points to end at 78,385.49, while the Nifty lost 463.50 points to close at 24,254.20. Critical indices, the Nifty 50 and S&P BSE Sensex were brought to an abrupt end from their record 14-year winning streak, amid a massive fall in information technology stocks. Investors scurried for cover as a global selloff was seen after below-expected economic data was released from the US.

At the same time, the rupee opened on a tepid note and fell to an all-time low of 83.80 against the US dollar. The pervasive risk aversion in international markets kept the dollar in high demand, adding further pressure on the rupee.

Friday’s after-market economic data revealed that the growth of jobs in the US had slowed more than expected in July. Slowing employment growth raises fear of an impending slowdown in the economy and further deteriorates already fragile sentiment.

Not forgetting the US presidential elections, to be held in November, is likely to keep investors away. The political uncertainty of the election added to the volatility of current market conditions.

Notably, global investors are also watching developments in the Middle East, where tension is escalating following reports that an Israeli assassination team killed one of Hamas’ top leaders, Ismail Haniyeh, in Tehran. This has added to the geopolitical uncertainties and piled on the market’s woes.

Among the losers at the BSE were Tata Motors, Tata Steel, JSW Steel, Adani Ports, Maruti, and Reliance Industries. These companies bore the brunt of the market selloff, reflecting the wide breadth of investor anxiety.

Sun Pharma and Hindustan Unilever, however, traded in green and offered a ray of hope to the market when most other stocks were getting mauled.

 Investors are still sizing up the aftermath of this turmoil on their portfolios and are hence very cautious. Uncertainty, which characterizes the present climate, has induced a state of high alert in investors, who are watching the situation with bated breath for any new developments that may further influence investment decisions.

The mix of weak economic indicators, political uncertainties, and spiraling tensions in geopolitics created a perfect storm for the markets to make investors cautious and alert. Given these choppy waters, whose focus remains on preserving capital and mitigating risks, many take a wait-and-see approach until clearer signals emerge.

India News

Parliament winter session: Government lists 15 bills, including Waqf bill

The session will kick off on November 25 and conclude on December 20.

Published

on

The government has listed five new ones and one to amend the contentious Waqf law out of 15 bills for the winter session of Parliament. The session will kick off on November 25 and conclude on December 20.

The government has introduced five new bills, including the Coastal Shipping Bill, 2024, which aims to promote coasting trade and increase the participation of Indian-flagged vessels owned and operated by Indian citizens for both national security and commercial purposes.

Another significant legislation that will be introduced by the government is the Indian Ports Bill, 2024. This bill is designed to implement measures for the conservation of ports, enhance security, and manage pollution, ensuring compliance with India’s international obligations and statutory requirements.

Additionally, the government plans to introduce the Merchant Shipping Bill, 2024, which aims to meet India’s obligations under maritime treaties and support the development of Indian shipping while ensuring the efficient operation of the Indian mercantile marine in a way that serves national interests.

Pending legislation includes the Waqf (Amendment) Bill, which is awaiting consideration and passage after the joint committee of both Houses submits its report to the Lok Sabha. The committee is expected to report by the end of the first week of the winter session.

Currently, there are eight bills, including the Waqf (Amendment) Bill and the Mussalman Wakf (Repeal) Bill, pending in the Lok Sabha, while two additional bills are in the Rajya Sabha.

Furthermore, the government has also listed the Punjab Courts (Amendment) Bill for introduction, consideration, and passage, which seeks to increase the pecuniary appellate jurisdiction of Delhi district courts from Rs 3 lakh to Rs 20 lakh.

The Merchant Shipping Bill, along with the Coastal Shipping Bill and the Indian Ports Bill, is slated for introduction and eventual passage.

Continue Reading

India News

International Criminal Court issues arrest warrant against Israel PM Benjamin Netanyahu over war crimes

The court accused Prime Minister Netanyahu and Defence Minister Gallant of crimes against humanity, including murder, persecution, inhumane acts, and the war crime of starvation as a method of warfare.

Published

on

International Criminal Court issues arrest warrant against Israel PM Benjamin Netanyahu over war crimes

The International Criminal Court (ICC) today issued arrest warrants for Israeli Prime Minister Benjamin Netanyahu and former Defence Minister Yoav Gallant over alleged war crimes and crimes against humanity.

The court accused Prime Minister Netanyahu and Defence Minister Gallant of crimes against humanity, including murder, persecution, inhumane acts, and the war crime of starvation as a method of warfare. The leaders allegedly restricted essential supplies such as food, water, and medical aid to civilians in Gaza, resulting in severe humanitarian crises and deaths, including among children.

Last year in October, Israel had launched attacks on Gaza in retaliation for the surprise attack by Hamas. The Israel-Hamas war has led to the death of thousands of civilians, while lakhs have been displaced. The major infrastructures in Gaza, including hospitals and schools, were also destroyed as Israel vowed to wipe out Hamas.

The International Criminal Court stated that it found reasonable grounds to believe the accused intentionally targeted civilians and limited medical supplies, forcing unsafe medical procedures, which caused immense suffering. This ruling was based on the findings from at least October 8, 2023 until at least May 20, 2024.

The court remarked that it has assessed that there are reasonable grounds to believe that PM Netanyahu and Defence Minister Gallant bear criminal responsibility as civilian superiors for the war crime of intentionally directing attacks against the civilian population of Gaza.

Furthermore, it also noted that the lack of food, water, electricity and fuel, and medical supplies created conditions of life calculated to bring about the destruction of part of the civilian population in Gaza, leading to death of civilians, including children due to malnutrition and dehydration.

Additionally, the International Criminal Court dismissed two challenges by Israel against its jurisdiction in the situation in the State of Palestine.

Notably, Israel had contested the ICC’s jurisdiction, claiming it could not be exercised without Israel’s consent. Nonetheless, the Chamber ruled that the Court has jurisdiction based on Palestine’s territorial scope, including Gaza, the West Bank, and East Jerusalem. It further noted that Israel’s objections were premature, as jurisdictional challenges under the Rome Statute can only be made after an arrest warrant is issued.

Reportedly, Israel had also requested a fresh notification regarding the investigation, started in 2021. Denying the request, the court stated that Israel had earlier declined to request a deferral, making additional notifications unnecessary.

Continue Reading

India News

Yogi Adityanath accords tax-free status to Sabarmati Report film in Uttar Pradesh

Earlier, Prime Minister Narendra Modi and Home Minister Amit Shah have also praised this film.

Published

on

Uttar Pradesh Chief Minister Yogi Adityanath on Thursday accorded a tax-free status to ‘The Sabarmati Report’ film, based on the train burning incident at Godhra in Gujarat in 2002, in the state.

The announcement was made after Chief Minister Adityanath attended the screening of Vikrant Massey and Raashii Khanna-starrer ‘The Sabarmati Report’ in Lucknow with the film’s cast.  

Speaking to reporters, actor Vikrant Massey thanked the Uttar Pradesh Chief Minister for making ‘The Sabarmati Report’ film tax-free in the state. “I want to thank Yogi Adityanath ji. This is an important film and I appeal to everyone to go and watch this film,” he said.

Chief Minister Adityanath along with many of his cabinet colleagues watched the film ‘The Sabarmati Report’ under a special screening at a cinema hall in the capital, said a spokesperson of the state government.

Several people associated with the film unit were also present on the occasion. Later the chief minister announced to make this film tax-free in UP.

The BJP-ruled states have been praising the makers of The Sabarmati Report, claiming the team has tried to bring out this truth in front of the people of the country through the film.

The saffron party is appealing to people to watch this film and try to get closer to the truth of Godhra.

Uttar Pradesh becomes the sixth BJP-ruled state after Haryana, Rajasthan, Chhattisgarh, Madhya Pradesh and Gujarat to declare lead actors Vikrant Massey and Raashii Khanna’s film tax-free.

Adityanath said along with identifying the faces of those who are conspiring against the country for political gains, there is also a need to expose them. The film team has discharged its responsibilities to expose the truth, he said, adding an attempt has been made to bring the real truth in front of the country in a big way through the film.

The Sabarmati Report is said to be based on the incident of setting fire to a train full of ‘karsevaks’ in Godhra on February 27, 2002, killing 90 devotees. After this incident, communal riots broke out in Gujarat. Earlier, Prime Minister Narendra Modi and Home Minister Amit Shah have also praised this film.

Continue Reading

Trending

© Copyright 2022 APNLIVE.com