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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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Arvind Kejriwal gets bail but can’t go to Delhi CM office or Secretariat

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Delhi Chief Minister Arvind Kejriwal on Friday got bail from the Supreme Court over the corruption allegations being investigated by the CBI in the Delhi liquor policy scam case. He had already got bail in the same liquor policy case being investigated by the Enforcement Directorate.

The bench of Justice Surya Kant and Justice Ujjal Bhuyan delivered its verdict on two petitions filed by Kejriwal challenging his arrest and seeking bail in the case registered by the CBI under the Prevention of Corruption Act.

The Apex Court allowed the bail petition of Kejriwal on the grounds that the charge sheet has been filed in the case and that the trial was unlikely to be completed in the near future.

The same conditions imposed by the coordinate bench while granting interim bail in the ED case will apply here too. Despite being on bail, Kejriwal would not be able to visit the office of the Chief Minister and the Delhi Secretariat.

The two judges passed separate but concurrent judgments on the matter. Terming Kejriwal’s as legal, which did not suffer from any procedural irregularity, Justice Kant held there was no merit in the contention that CBI failed to comply with the mandate of Section 41 of the Code of Criminal Procedure while arresting him.

Justice Bhuyan differed in his opinion regarding the need and necessity to arrest Kejriwal. He held that the arrest by CBI was only to frustrate the bail granted to Kejriwal in the money laundering case.

The CBI did not arrest Kejriwal for 22 months and only swung into action after the trial court granted him regular bail in the ED case. Such action raised serious questions over the arrest itself, said Justice Bhuyan, adding that he failed to understand the great urgency on the part of CBI to arrest the appellant when he was on the cusp of release in the ED case.

Justice Bhuyan further said that when Kejriwal was granted bail in the money laundering case despite the stringent conditions under the PMLA, his further detention in the predicate offence (CBI case) became untenable. It was a travesty of justice to keep the appellant in jail on these grounds, especially as he has been granted bail in a more stringent PMLA case, he added.

Justice Bhuyan further expressed reservations about the bail condition that Kejriwal should not visit the CM’s office or the Secretariat. Justice Bhuyan also reminded the CBI of its duty to ensure that its investigations were fair.

One of the present petitions filed by Kejriwal challenged the Delhi High Court order of August 5, which rejected his plea against the CBI arrest. The single-judge bench had, however, granted liberty to Kejriwal to approach the trial court for bail.

The national convenor of the Aam Admi Party (AAP) had filed another special leave petition challenging the High Court’s refusal to consider his bail plea. Kejriwal was arrested by the CBI on June 26, 2024, while he was in the ED custody in the Delhi liquor policy case.

On July 12, the Supreme Court granted Kejriwal interim bail in the money laundering case, while referring his petition challenging ED arrest to a larger bench. However, he continued to remain in custody due to the CBI case.

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At aviation conference, PM Modi says air taxis will be reality soon

Speaking at Bharat Mandapam, PM Modi said under the UDAN scheme, 14 million passengers have travelled so far.

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Prime Minister Narendra Modi on Thursday highlighted the growth of the Indian civil aviation sector and said air taxis will soon become a reality as the government prepares the country for advanced air mobility. 

Addressing the Second Asia Pacific Ministerial Conference on Civil Aviation in the national capital, PM Modi suggested the idea of having an international Buddhist circuit.

The Prime Minister emphasised that the civil aviation sector has a major role in the growth and creation of jobs. PM Modi said efforts should be made to ensure that the skies remain open for all and that people’s dream of flying is fulfilled.

Under the regional air connectivity scheme UDAN, which has helped lower middle-class people to fly, 14 million people have travelled by air, PM Modi said.

According to the Prime Minister, a growing middle class and their demand are driving forces for the civil aviation sector, and UDAN has made air travel inclusive.

Furthermore, he said, “Today, India remains one of the strong pillars of the world’s top civil aviation ecosystems because the growth of our civil aviation sector is unprecedented. In just one decade, India has shown a huge transformation. In a few years, India has transformed from an aviation-exclusive country to an aviation-inclusive country.”

PM Modi said there was a time when air travel in India was exclusive to only a few people. Some big cities had good air connectivity, and some rich people used to take advantage of air travel regularly but today the situation in India has completely changed.

Speaking at Bharat Mandapam, PM Modi said under the UDAN scheme, 14 million passengers have travelled so far.

“Lakhs of these people have seen an airplane from inside for the first time. In 10 years, the number of airports in India has doubled. Airlines are also aware of this. This is the reason why Indian airlines have ordered more than 1200 new aircraft,” the Prime Minister said.

The two-day conference, which started on Wednesday, brings together transport and aviation ministers, regulatory bodies, and industry experts from across the Asia Pacific region. Around 300 representatives from 29 countries attended the conference.

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PM Modi, Amit Shah, Rahul Gandhi, others condole death of CPI(M) leader Sitaram Yechury

Stalwart Left leader Yechury, at 3.03 pm on September 12, 2024, passed away, at the AIIMS, New Delhi. The 72-year-old leader was suffering from a respiratory tract infection which developed complications.

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Prime Minister Narendra Modi, Union Home Minister Amit Shah, Leader of Opposition in Lok Sabha Rahul Gandhi, and other political leaders across party lines condoled the death of CPI(M) senior leader Sitaram Yechury.

Stalwart Left leader Yechury, at 3.03 pm on September 12, 2024, passed away, at the AIIMS, New Delhi. The 72-year-old leader was suffering from a respiratory tract infection which developed complications.

PM Modi said Yechury was a leading light of the Left and was known for his ability to connect across the political spectrum. The Prime Minister added that Yechury also made a mark as an effective Parliamentarian.

Expressing his sorrow over his demise, PM Modi said, “My thoughts are with his family and admirers in this sad hour. Om Shanti.”

Senior BJP leader Shah said the demise of the CPI(M) General Secretary Yechury is a loss to the political sphere.

“Saddened to hear about the passing of General Secretary of the CPI (M) and former Rajya Sabha MP, Sitaram Yechury Ji. His demise is a loss to the political sphere. I extend my heartfelt condolences to his family members and friends. May God give them the strength to endure this difficult time,” the Home Minister said in a post on X.

In his condolence message, Gandhi called him a protector of the idea of India with a deep understanding of this country.

“I will miss the long discussions we used to have. My sincere condolences to his family, friends, and followers in this hour of grief,” the Congress leader said.

Union Minister of Road Transport and Highways Nitin Gadkari also expressed his condolences and said, “Deeply saddened by the passing of Sitaram Yechury Ji. His contributions to public life will always be remembered. Heartfelt condolences to his family and loved ones during this difficult time. Om Shanti.”

Kerala Chief Minister Pinarayi Vijayan said that Yechury’s death was an irreparable loss at a time when the country and its people are facing serious crises.

“Farewell, Comrade Sitaram Yechury. His passing leaves an irreplaceable void in the Communist movement and people’s struggles. I cherish the moments we shared and his unmatched ideological clarity, strategic brilliance, and dedication to the revolutionary cause. Amid rising inequality and threats to secular and constitutional ideals, his legacy will inspire us to keep fighting for a just India,” the CPI(M) politburo member Vijayan said in a post on X.

National Conference president Farooq Abdullah said Yechury was a very dear friend of his and India is now deprived of such a leader who spoke freely.

“His view was that this country belongs to all of us, no matter which language you belong to and it should be left like this. Everyone has to leave this country and this world. You came from there and you have to go back there. What all battles did Yechury not fight for us. Today I cannot believe that he is no longer among us,” he condoled the demise of CPI(M) leader.

On September 14, the body of Comrade Sitaram Yechury will be kept at the Communist Party of India (Marxist) headquarters, AK Gopalan Bhavan, Gole Market, New Delhi for public viewing and paying homage between 11 am and 3 pm.

Subsequently, the body of Comrade Yechury will be taken to the All India Institute of Medical Sciences, where it will be donated for medical research as per his wishes, the CPI(M) said in a press release.  

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