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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.

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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.

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RJD slams PM Modi over his unfulfilled promise to revive Bihar sugar mills

She sarcastically asked, “Why did he not fulfill his own promise? Has he developed diabetes?”

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The RJD on Saturday slammed Prime Minister Narendra Modi over his unfulfilled promise to revive sugar mills in Bihar and wondered whether the Prime Minister has given up on his promise because of diabetes.

RJD MP Misa Bharti humorously remarked on PM Modi’s unfulfilled commitment to enjoy tea sweetened with sugar from Bihar’s sugar mills, which have remained inactive for many years.

Bharti, the eldest daughter of RJD leader Lalu Prasad, asserted that the sugar industry in Bihar has not been revived so far and questioned whether Modi had abandoned his promise due to diabetes.

“The PM is enjoying his third consecutive term in office and has not fulfilled any of the promises he made before ascending to power,” she stated, emphasising her disappointment as a resident of Bihar who recalls Modi’s grand declarations about revitalizing the state’s sugar mills.

She sarcastically asked, “Why did he not fulfill his own promise? Has he developed diabetes?”

Responding to media inquiries, Bharti also dismissed the concept of “One nation one poll” as a “shigoofa” (gimmick) from the Modi government, arguing that they struggle to conduct elections in four states simultaneously, let alone nationwide.

Her comment referenced the Assembly elections in Maharashtra and Jharkhand occurring after recent elections in Haryana and Jammu and Kashmir.

Affiliated with the INDIA coalition, Bharti expressed confidence in the alliance’s success in upcoming Assembly elections and by-polls. Additionally, she condemned derogatory comments made by Shiv Sena (UBT) MP Arvind Sawant against a candidate from Eknath Shinde’s faction, asserting that “no offensive remarks should be made about a woman, even if she is a rival.”

Furthermore, she criticised inflammatory statements from Union Minister Giriraj Singh during the Hindu Swabhiman Yatra, saying it is “appalling” that a Union Minister could incite violence without facing repercussions.

Bharti also raised concerns about the BJP’s silence regarding a new political outfit formed by former Union Minister RCP Singh, who had transitioned to the BJP after being ousted from Nitish Kumar’s JD(U).

She took issue with Prashant Kishor, the Jan Suraaj founder, for making commitments that he never asked BJP and Nitish Kumar to fulfill while he was managing their campaign.

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India condemns Canada’s allegations against Amit Shah, calls it baseless

“Such irresponsible actions will have serious consequences for bilateral ties,” said the MEA.

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India on Saturday condemned the recent allegations made by the Canadian government against Amit Shah that he was purportedly involved in the killing of Khalistani terrorist Hardeep Singh Nijjar, calling it absurd and baseless.

Addressing a press conference, Ministry of External Affairs spokesperson Randhir Jaiswal said that India had summoned the Canadian High Commissioner yesterday to protest in the strongest terms for the references made to the Union Home Minister of India before the Committee by Canada’s Deputy Foreign Affairs Minister David Morrison.

On Tuesday, Morrison claimed that Shah orchestrated a campaign of violence, intimidation, and intelligence-gathering aimed at Sikh separatists on Canadian soil. He informed members of Canada’s national security committee in Parliament that he had confirmed Shah’s name to The Washington Post, which was the first to report the allegations. However, Morrison did not provide details on how Canada became aware of Shah’s alleged involvement.

Jaiswal said the revelation that high Canadian officials deliberately leak unfounded insinuations to the international media as part of a conscious strategy to discredit India and influence other nations only confirms the view that the government of India has long held about the current Canadian government’s political agenda and behavioural pattern.

“Such irresponsible actions will have serious consequences for bilateral ties,” said the MEA.

On the reports of a cancelled Diwali celebration, Jaiswal said, “We have seen some reports in this regard. It is unfortunate that the prevailing atmosphere in Canada has reached high levels of intolerance and extremism.”

He also spoke on the reduction in the number of Visas by the Canadian government and said the ministry has been monitoring the well-being of Indian students and professionals who are working in Canada. “Our concern for their safety and security remains strong,” he added.

The Ministry of External Affairs said some of its Consular officials were recently informed by the Canadian government that they have been and continue to be under audio and video surveillance as well as their communications have also been intercepted. “We have formally protested to the Canadian Government as we deem these actions to be a flagrant violation of relevant diplomatic and consular conventions,” the Ministry said.

By citing technicalities, the Canadian government cannot justify the fact that it is indulging in harassment and intimidation, Jaiswal said, adding that India’s diplomatic and consular personnel have already been functioning in an environment of extremism and violence.

He said such action of the Canadian government aggravates the situation and is incompatible with established diplomatic norms and practices.

Regarding the sanction of 19 Indian companies, Jaiswal noted that India has a robust legal and regulatory framework on strategic trade and non-proliferation controls.

India is also a member of three key multilateral non-proliferation export control regimes – the Vasinar Arrangement, the Australia Group and the Missile Technology Control Regime, and has been effectively implementing relevant UNSC sanctions and UNSC Resolution 1540 on non-proliferation, he added.

“Our understanding is that the sanction, transactions and companies are not in violation of Indian laws. Nevertheless, in keeping with India’s established non-proliferation credentials, we are working with all the relevant Indian departments and agencies to sensitize Indian companies on applicable export control provisions and also inform them of new measures being implemented that could impact Indian companies in certain circumstances,” the MEA said.

Regarding deportations from the United States, Jaiswal noted, “We have a consistent dialogue with the United States concerning migration and mobility, aimed at establishing more avenues for legal migration. As part of our ongoing consular arrangements, we have facilitated the movement of individuals who are residing in the United States illegally. This collaboration has been in effect for some time, and we anticipate that through our engagement with the United States on mobility and migration, we can work to deter illegal immigration.”

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Hemant Soren urges PM Modi to clear Jharkhand’s Rs 1.36 lakh crore coal dues

“I would also appeal to my BJP colleagues, especially the MPs, to help Jharkhandis in getting our dues,” Soren posted on X, sharing a copy of a letter to the Prime Minister.

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Jharkhand Chief Minister Hemant Soren on Saturday urged Prime Minister Narendra Modi and Union Home Minister Amit Shah to clear Rs 1.36 lakh crore coal dues to the state.

PM Modi and Shah are scheduled to visit poll-bound Jharkhand. The Prime Minister will address two rallies on November 4 while Shah will address three public meetings on November 3.

In a post on X, Soren said, “The PM and the home minister are coming to Jharkhand. I once again request them with folded hands to clear the outstanding (coal dues) of Rs 1.36 lakh crore to Jharkhandis. This amount is crucial for Jharkhand.” Soren also appealed to BJP MPs to facilitate clearance of the amount.

Soren stressed that the outstanding payments owed by central public sector undertakings, particularly Coal India, are legitimate entitlements of Jharkhand and argued that “the delay in payment is causing irreparable harm to the state’s development.”

“I would also appeal to my BJP colleagues, especially the MPs, to help Jharkhandis in getting our dues,” Soren posted on X, sharing a copy of a letter to the Prime Minister.

In a letter addressed to the Prime Minister, he stated, “I, Hemant Soren, the Chief Minister of Jharkhand, would like to bring to your attention a grave issue that is obstructing the development of our state. Our dues from coal companies amount to Rs 1.36 lakh crore.”

He added that, despite legal provisions and judicial verdicts, coal companies have failed to make any payments. “These issues have been raised at various forums, including your esteemed office, the Finance Ministry, and NITI Aayog, yet the compensation of Rs 1.36 lakh crore remains unpaid,” Soren mentioned.

A recent decision by a nine-judge Supreme Court bench reaffirmed the state’s right to collect its mining and royalty dues. Soren pointed out that the non-payment of these dues is hindering vital socio-economic projects in Jharkhand, which is already an under-developed state.

“Numerous socio-economic development projects are being stalled due to the non-payment of our legitimate claims,” he noted.

Last month, he proposed a direct debit arrangement from Coal India’s account to the state, similar to what was established for the Jharkhand State Electricity Board’s dues to the Damodar Valley Corporation (DVC).

“This continued delay in addressing our rightful demands has compelled me to reach out to you, as this negligence inflicts irreparable damage on Jharkhand and its people. Many social sector initiatives in education, health, women’s and child development, clean drinking water, and last-mile connectivity cannot be implemented due to insufficient funding,” Soren asserted.

He previously accused the central government of being indifferent to the challenges faced by the state, drawing attention to the unequal treatment regarding outstanding dues. The Jharkhand Assembly elections are set to take place in two phases on November 13 and 20, with vote counting scheduled for November 23.

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