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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.

India News

Massive fire destroys around 80 shanties in west Delhi, hundreds left homeless

A massive blaze swept through a slum cluster in west Delhi’s Matiala village, destroying around 80 shanties and leaving hundreds of migrant families homeless overnight.

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A massive overnight fire destroyed around 80 shanties in west Delhi, leaving hundreds of migrant families homeless after flames swept through a large slum settlement near Uttam Nagar.

The incident took place late on the night of March 11 at the Machhli Mandi shanty cluster in Matiala village. The blaze spread rapidly across nearly four acres, reducing homes made of bamboo, tarpaulin and plastic sheets to ashes within hours.

According to Delhi Police, the affected families were largely migrant workers from Bihar who earn their livelihood as daily-wage labourers and ragpickers. Though no deaths were reported, residents lost most of their belongings including clothes, utensils, food supplies and documents.

Firefighters battle flames through the night

The Delhi Fire Service deployed 23 fire tenders to control the blaze. Firefighters continued operations throughout the night and managed to bring the flames under control at around 3 am on Thursday. Cooling operations continued afterward to prevent the fire from reigniting.

Thick grey ash and burnt debris covered large parts of the area after the fire. Charred bamboo frames, melted plastic sheets and twisted tin roofs were scattered across the ground.

Some residents claimed they saw unidentified people arrive on motorcycles and set several huts on fire before fleeing. Authorities have not confirmed this allegation.

Authorities cite disputed land and possible waste burning

District Magistrate Mekala Chaitanya visited the site and said the land has been under dispute for a long time.

He stated that the occupants had been issued an evacuation notice on March 7, with the night of the fire marking the final deadline to vacate the area.

An investigation is underway to determine the exact cause of the fire. The district administration suggested that the blaze may have started due to ragpickers burning waste at night, a practice commonly reported in the area.

Officials also noted that a similar fire incident had occurred earlier this month at the same location after illegal garbage dumping, which required eight fire tenders to extinguish.

Police say evacuation prevented casualties

Deputy Commissioner of Police (Dwarka) Kushal Pal Singh said police teams helped evacuate residents before the fire intensified.

He said the temporary structures were made from highly flammable materials, which allowed the fire to spread quickly. However, swift action by police and firefighters ensured that no lives were lost.

Families struggle after losing everything

Residents said they are now struggling to survive without basic necessities.

Rani Devi, a mother of three, said her family had no food, milk or drinking water after the fire destroyed their home and belongings. She added that many families were now sleeping amid the burnt debris.

A student, Rahul Kumar, whose board examinations are scheduled to begin soon, said his textbooks, notebooks and school uniform were all destroyed in the blaze.

Another resident, 42-year-old Rajesh Paswan, who migrated from Bihar over a decade ago and works as a ragpicker, said the fire wiped out everything his family owned overnight.

Demand for compensation and rehabilitation

AAP leader Ramesh Matitala met affected families and called for immediate compensation and rehabilitation.

He said the families should be provided financial assistance and relocated to a safer place, adding that authorities must ensure accountability if negligence or foul play is found in the investigation.

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Mamata Banerjee questions PM Modi’s respect for President Murmu using 2024 photograph

Mamata Banerjee criticised Prime Minister Narendra Modi using a 2024 photograph during a rally as political tensions grow over President Droupadi Murmu’s visit to West Bengal.

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West Bengal Chief Minister Mamata Banerjee has intensified her attack on Prime Minister Narendra Modi amid a growing dispute over President Droupadi Murmu’s recent visit to the state.

Speaking at a public rally, Banerjee referred to a photograph from March 2024 that shows the President standing while the Prime Minister is seated during a meeting with veteran leader Lal Krishna Advani. The Trinamool Congress leader questioned the government’s claims about respecting the office of the President.

According to a video shared by the Trinamool Congress, two party leaders displayed the photograph while Banerjee addressed the gathering. She argued that while leaders often speak about honouring the President’s office, such visual moments raise questions about whether that respect is truly reflected in conduct.

The photograph referenced by Banerjee was taken on March 31, 2024, when President Murmu and Prime Minister Modi visited Advani to present him with the Bharat Ratna.

Banerjee said the image showed the President standing while the Prime Minister remained seated. She asked whether the government truly respected the country’s first tribal woman President, adding that the picture demonstrated “who respects and who does not”.

President’s visit to Bengal triggers controversy

The political exchange began after President Murmu visited West Bengal on Saturday to attend the ninth International Santal Conference in Darjeeling.

While addressing the event, the President publicly noted that neither the chief minister nor other state ministers were present to receive her. She said that usually the chief minister welcomes the President during such visits but that did not happen in this case.

Murmu added that Banerjee is like a “younger sister” to her and said she did not know whether the chief minister was upset.

The President also raised concerns about the change in the event venue and suggested that the new location made it difficult for people to attend. She said she did not know why the state administration had not permitted the programme at the earlier venue.

Prime minister criticises Bengal government

Reacting to the developments, Prime Minister Modi described the situation as “shameful and unprecedented”. In a post on social media, he said the incident had saddened people who believe in democracy and in empowering tribal communities.

He added that the pain expressed by President Murmu had caused widespread concern and accused the West Bengal government of disrespecting the office of the President. The Prime Minister also said the dignity of the President’s position should remain above political disputes.

Speaking at a public event later, Modi said the developments were particularly unfortunate as they occurred on International Women’s Day. He alleged that the Trinamool Congress government had boycotted both the tribal event and the President.

Mamata Banerjee denies protocol violation

Banerjee rejected the allegations, saying no protocol lapse occurred during the visit.

According to the chief minister, the event had been organised by a private body, the International Santal Council, which invited the President to attend the conference in Siliguri. She said the district administration had warned the President’s Secretariat that the organisers lacked adequate arrangements to host such a programme.

Banerjee also stated that the advance team from the President’s Secretariat visited the site earlier in March and was informed about the shortcomings but the event continued as scheduled.

She added that officials including the mayor of Siliguri Municipal Corporation, the Darjeeling district magistrate and the Siliguri police commissioner received and saw off the President according to the approved protocol lineup.

The chief minister said she was not part of the official lineup or the event’s dais plan and accused the BJP of using the country’s highest constitutional office for political purposes.

Centre seeks report from state

The issue escalated further after Union Home Secretary Govind Mohan wrote to West Bengal Chief Secretary Nandini Chakravorty seeking a report on alleged lapses during the President’s visit.

According to sources, the letter asked why senior state officials such as the chief minister, the chief secretary and the director general of police were not present to receive the President. It also raised concerns about reports of poor arrangements at the venue, including the absence of water in a washroom designated for the President and garbage along the route.

Officials from the Darjeeling district administration and Siliguri police were also mentioned in the communication, with the Centre seeking details of any action taken.

The controversy has now turned into a sharp political confrontation between the Centre and the West Bengal government.

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President Murmu questions tribal development in Bengal, Mamata Banerjee calls remarks political

President Droupadi Murmu raised concerns about tribal development in West Bengal and questioned the absence of state representatives during her north Bengal visit. Mamata Banerjee called the remarks political and said they were based on misinformation.

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President Droupadi Murmu on Saturday raised questions about the development of tribal communities in West Bengal and also expressed surprise over the absence of state government representatives during her visit to north Bengal.

Speaking at the International Santhal Conference, an event organised for the tribal community, the President wondered whether Chief Minister Mamata Banerjee was upset with her, as neither the chief minister nor any minister from the state cabinet was present to receive her.

Murmu also referred to the decision to shift the venue of the conference from Bidhannagar to Goshaipur. She questioned why the programme was not allowed at the earlier venue despite adequate space being available.

Addressing the gathering, the President said she did not know whether Banerjee was upset with her and remarked that she also considers herself a daughter of Bengal. She added that Banerjee was like a younger sister to her but the reason behind shifting the programme location remained unclear.

During her speech, Murmu also raised broader concerns about the condition of tribal communities in the region. She questioned whether development and facilities intended for Santhals and other tribal groups were actually reaching them.

According to the President, the Centre has worked over the past decade to strengthen tribal identity and accelerate development for tribal communities. However, she said it did not appear that the benefits were reaching people in the region.

Murmu also suggested that some individuals might have been prevented from attending the event and said it appeared that certain groups did not want the Santhal community to unite, progress, or gain access to education and strength.

The remarks triggered a political response, with Prime Minister Narendra Modi criticising the situation. Sharing a video of the President’s speech, he said the incident was shameful and expressed concern over what he described as an insult to the President and to Santhal culture.

The BJP also criticised the West Bengal government, alleging that the lack of preparation and protocol during the President’s visit reflected administrative failure and disrespect for constitutional offices.

Responding to the President’s remarks, Mamata Banerjee said the statements were political in nature. Speaking during a protest in Kolkata against the Special Intensive Revision of voter rolls, the chief minister urged the President to avoid making remarks that could affect the dignity of the office.

Banerjee said the President had spoken about only one community and not about others in the state. She also asked her party’s MPs to seek an appointment with Rashtrapati Bhavan to present details of the state government’s work for Scheduled Tribe and Scheduled Caste communities.

The Trinamool Congress also rejected the suggestion that there had been no development for tribal communities in the state. In a statement, the party said the President appeared to have been misinformed.

The party highlighted several welfare initiatives, including financial assistance under the Lakshmir Bhandar scheme. It said women from Scheduled Tribe communities now receive Rs 1,700 per month, amounting to Rs 20,400 annually.

The Trinamool Congress also referred to scholarships for tribal students, the establishment of schools and other development programmes aimed at improving conditions in tribal areas.

According to the party, these measures represent concrete initiatives designed to improve opportunities, dignity and development for Adivasi communities across West Bengal.

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