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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

India summons Ukrainian envoy after ships with Indian crew attacked in Black Sea

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India has summoned the Ukrainian Ambassador after two merchant vessels carrying Indian crew were attacked in the Black Sea, raising concerns over the safety of Indians working in the conflict zone.

The Ministry of External Affairs (MEA) described the incidents as a matter of serious concerns and conveyed India’s position directly to the Ukrainian envoy.

According to the MEA, the attacks took place amid the ongoing Russia-Ukrainian war, where commercial shipping has increasingly come under threat due to military operations. Although no deaths have been reported, several Indian seafarers were on board the affected vessels, prompting the government to seek immediate clarification from Ukraine and stress the need to ensure their safety.

During the meeting, the MEA reiterated that merchant ships engaged in commercial trade and civilian crew members must not become targets during armed conflict. India urged Ukraine to take all possible steps to prevent such incidents and to uphold international maritime law, which protects civilian shipping operating in international waters.

The ministry said it is in constant contact with Indian missions abroad, shipping companies, and maritime authorities to monitor the condition of Indian crew members. Officials have assured that diplomatic and consular assistance for the crew.

The attack have once again highlighted the dangers faced by thousands of Indian seafarers employed on international cargo vessels operating in conflict-affected regions. The continuing war has disrupted shipping routes in the Black Sea, creating risks for commercial trade and the safety of multinational crews.

The latest diplomatic move reflects India’s consistent position on the Russia-Ukraine conflict. While maintaining relations with both countries, India has repeatedly called for dialogue, a peaceful resolution to the conflict, and the protection of civilians and commercial vessels under international law.

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India News

Barring emergency vehicles, Delhi-Haridwar highway to be shut for traffic from August 4 to 12 for Kanwar Yatra

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The Delhi-Haridwar highway will be closed for all vehicular traffic from August 4 to August 12 to ensure the smooth and safe conduct of the Kanwar Yatra.

The decision was jointly taken by Delhi Police, Uttar Pradesh Police and Uttarakhand Police after assessing security arrangements and traffic management plans.

The restrictions have been imposed as lakhs of Kanwariyas are expected to travel to collect water from the Ganga in Haridwar and other pilgrimage centres before returning to their hometowns.

Traffic restrictions on key stretches of the highway will impact most private and commercial vehicles. Emergency vehicles including ambulances, fire services and police vehicles will be allowed to operate. The authorities have issued diversion plans for vehicles moving from Delhi, Uttar Pradesh, Uttarakhand and adjoining states.  

The restrictions are necessary, officials said, because of the huge number of pilgrims. The objective is to ease traffic congestion, avoid accidents and ensure safe movement of devotees. 

Police have advised commuters to avoid the Delhi-Haridwar route during the restricted period and to use alternate highways wherever possible. According to the traffic advisory, transport operators have been asked to change their travel schedules. The route will have extra police, traffic wardens and surveillance teams to monitor the movement of vehicles and control the crowds.                               

The Kanwar Yatra is one of the biggest annual religious pilgrimages in North India that draws lakhs of devotees from Delhi, Uttar Pradesh, Haryana, Rajasthan, Punjab and other states. Every year, special traffic arrangements are made to manage the huge inflow of pilgrims travelling on foot and in designated vehicles.

Officials are busy making last minute preparations for the yatra, including security checks, medical camps, temporary shelters and help centres along the route. Commuters are advised to follow official traffic advice and plan journeys in advance to avoid delays. The restrictions will continue till August 12, after which normal movement of traffic is likely to resume on the Delhi–Haridwar highway.

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Dhanush’s call for public service fuels speculation on entry into politics

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Tamil actor Dhanush has sparked political rumours after urging his fan clubs to focus on public service and “find a purpose” beyond celebrating his films during a blood donation camp in Chennai.

While his remarks triggered widespread discussion online, the actor hasn’t formally announced his political entry.

Addressing members of his fan associations, Dhanush encouraged them to channel their collective strength towards welfare initiatives that could positively impact society. He urged his supporters to identify the needs of people in their local communities and extend help wherever possible, saying he wanted his fans to be known for their service rather than just their support for his films.

The speech quickly gained attention on social media, with several users drawing comparisons between Dhanush and actor-politician Vijay, whose fan clubs had similarly expanded their welfare activities before he formally entered politics. Many online users interpreted Dhanush’s emphasis on organised social work as a possible indication of future political ambitions.

Dhanush did not make any reference to joining politics or launching a political outfit during his address. His speech remained focused on encouraging fans to undertake blood donation drives, charitable work and other community welfare initiatives.

The actor’s fan clubs have long been involved in social service activities, including relief work, blood donation camps and assistance during natural disasters. His latest remarks have, however, brought back online discussions over whether he could eventually follow the path taken by Vijay and several other Tamil cinema personalities who entered public life.

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