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Sensex crashes 1,400 points as markets tumble after Trump’s Iran threat, oil tops $105

Sensex plunged 1,400 points and Nifty fell below 22,300 as oil prices crossed $105 amid rising geopolitical tensions.

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Sensex

Indian stock markets opened sharply lower on Thursday, with benchmark indices Sensex and Nifty witnessing heavy losses amid a surge in global oil prices following fresh geopolitical tensions involving the United States and Iran.

At the opening bell, the BSE Sensex dropped more than 1,400 points, while the NSE Nifty50 fell around 400 points and slipped below the 22,300 mark. Selling pressure was visible across sectors, with all major sectoral indices opening in the red.

The market decline came after oil prices jumped more than $4, with Brent crude crossing the $105 per barrel mark and US West Texas Intermediate crude rising above $104 per barrel. The surge followed comments from US President Donald Trump indicating that the United States would continue attacks on Iran, including energy and oil targets, for the next few weeks.

In early trade, broader markets also witnessed sharp declines. The Nifty Midcap 100 fell over 2.3 per cent, while the Nifty Smallcap 100 dropped more than 2.5 per cent.

Banking heavyweights led the losses on the Nifty index, with HDFC Bank, ICICI Bank and State Bank of India among the top drags. Reliance Industries and Larsen & Toubro also contributed to the decline. HCL was the only stock trading in positive territory among Nifty constituents at one point during the morning session.

Among sectoral indices, pharma, PSU banks, realty, healthcare and chemical stocks fell more than 3 per cent each. PSU bank stocks were under pressure, with Bank of Maharashtra, Indian Bank, Bank of India, Union Bank and Canara Bank declining in trade.

Meanwhile, market volatility increased significantly, with the India VIX rising more than 6 per cent in early trade.

Investor wealth also took a hit as the total market capitalisation of BSE-listed companies fell by Rs 9.01 lakh crore to Rs 412.47 lakh crore from Rs 421.48 lakh crore in the previous session.

In currency markets, the Indian rupee rebounded sharply by 105 paise from its all-time low to trade at 93.65 against the US dollar in early trade, reportedly after intervention by the Reserve Bank of India.

In a separate development, the government announced that India has exempted basic customs duty on several petrochemicals, polymers and intermediates from April 2 to June 30 to ease import costs amid global supply disruptions.

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Illegal immigration from India to US drops 69% from 2023 peak, says US data

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Fears of harsh treatment, including internment, and tough border legislations under the Donald Trump administration seem to have brought down illegal immigration from India to the United States by almost 69 per cent from the peak recorded in 2023, according to the latest data released by US Customs and Border Protection (CBP). The figures indicate a significant decline in irregular migration through the US land borders.

Trump and his Make America Great Again (MAGA) support base have advocated tougher measures against illegal immigrants such as roving Immigration and Customs Enforcement (ICE) personnel who have picked up immigrants and detain them in camps. ICE personnel have killed several Americans too in the mindless drive against immigrants.

CBP data, which follows the US fiscal year (October to September), shows authorities recorded 20,614 encounters with Indian migrants between October 2025 and May 2026. During the corresponding period in FY2023, when illegal migration from India reached its highest level, the number of encounters stood at 67,212. The latest figures are also lower than the nearly 29,000 encounters recorded during the same period in FY2025.

The sharpest decline has been recorded along the US-Mexico border, where encounters involving Indian migrants fell by nearly 99 per cent, from 30,109 during the October-May period of FY2023 to 417 in FY2026. At the US-Canada border, encounters dropped to 2,250, marking a 91 per cent decline from the comparable period in FY2024.

Migration experts said the decline comes amid tighter US immigration measures, stricter border enforcement and reduced expectations of securing asylum through illegal entry routes. Experts also noted that the high financial cost and risks associated with irregular migration have discouraged many prospective migrants from attempting the journey.

Despite the decline, Indian nationals continue to account for a significant share of migrants intercepted at US land borders, says CBP. Officials from both India and the United States have repeatedly urged people to avoid illegal migration routes and instead use authorised visa and immigration channels.

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Supreme Court urges Centre to reconsider introducing third language for CBSE Class 9

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The Supreme Court on Thursday orally urged the Centre and the Central Board of Secondary Education (CBSE) to reconsider the introduction of the compulsory third language policy for Class 9, observing that the move could place an unnecessary academic burden on children.

During a hearing of petitions challenging the policy, the bench of Justice B.V. Nagarathna and Justice R. Mahadevan remarked that introducing a new language at the Class 9 level may create additional stress for students and suggested that, if such a policy is necessary, it would be more appropriate to begin it from Class 6, when children have more time to adapt. The court, however, did not pass any interim order staying the policy.

The petitions challenge the CBSE’s three-language policy introduced under the New Education Policy 2020. Under the revised framework, students entering Class 9 are required to study three languages, with at least two being Indian languages. The petitioners argued that the sudden implementation has created difficulties for students, schools and teachers, particularly due to the availability of textbooks, qualified language teachers and the increased academic workload.

During the hearing, the Supreme Court sought responses from the Union Government and the CBSE on the concerns raised in the petitions. The Bench emphasised that while learning languages is valuable, educational reforms should be implemented in a manner that does not place avoidable pressure on students.

The matter will be heard again after the Centre and the CBSE file their replies. The outcome of the case is expected to influence the implementation of the three-language policy in CBSE-affiliated schools across the country, particularly for students entering Class 9 in the current academic session.

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Bank holiday today: Banks closed in Odisha, Uttarakhand and Manipur on July 16 for regional festivals; check details

Banks will remain closed in Odisha, Uttarakhand and Manipur on July 16 for regional festivals, while banking operations continue normally in the rest of India. Here’s the complete holiday schedule.

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Rath Yatra

India’s banking services will remain partially affected on Thursday, July 16, as banks in select states are closed to observe regional festivals, according to the Reserve Bank of India’s (RBI) holiday calendar for the financial year 2026-27.

Customers in most parts of the country can continue to access banking services as usual, while branches in Odisha, Uttarakhand and Manipur will remain shut for local celebrations.

Banks closed today in these states

Banks will remain closed on July 16 in the following states:

  • Odisha – Rath Yatra
  • Uttarakhand – Harela
  • Manipur – Kang festival

Apart from these states, bank branches across the rest of India are expected to function normally.

How does RBI decide bank holidays?

The Reserve Bank of India prepares a state-wise holiday calendar covering national, religious and regional occasions. Since several festivals are celebrated only in specific states, bank holidays may differ from one region to another.

In addition to these notified holidays, banks across the country remain closed on the second and fourth Saturdays of every month, as well as on all Sundays.

When is the next bank holiday?

According to the RBI’s holiday schedule, the next notified bank holiday falls on July 17, 2026, in Sikkim to mark the Death Anniversary of U Tirot Singh.

Customers are advised to check the holiday schedule applicable to their respective state before planning a visit to a bank branch.

Will online banking services remain available?

Although physical bank branches may remain closed in the affected states, customers can continue using digital banking services. Mobile banking, internet banking, UPI transactions, ATM withdrawals and other online banking facilities are expected to remain available, enabling uninterrupted access to essential financial services.

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