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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

Centre sends 3 letters to Punjab government after anti-drug activist’s killing

The Centre has sought reports from the Punjab government on three incidents linked to allegations surrounding drug-related activities, including the killing of anti-drug activist Parvinder Singh Jhota.

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Amit Shah

The Union government has sought detailed explanations from the Punjab government regarding three incidents linked to concerns over drug-related activities in the state. The move follows the killing of anti-drug activist Parvinder Singh Jhota in Mansa and comes amid renewed scrutiny of the state’s drug problem and law-and-order situation.

The Ministry of Home Affairs (MHA) sent three letters to the Punjab chief secretary on October 16, with copies to the state’s director general of police. The communications sought information about Jhota’s killing, the fatal attack on Bikramjit Singh in Gurdaspur district, and the reported suicide of Gulzar Singh in September.

What the Centre’s three letters cover

The first letter concerned the October 13 killing of Parvinder Singh, popularly known as Jhota, who was known for raising concerns about drug abuse and alleged illegal sales of intoxicating substances in Punjab.

The ministry sought a comprehensive factual report on the incident and details of the steps taken by the state government following his death. It also asked about action taken on the Union government’s Vision Document on Narcotics Control for 2026–2029.

The document outlines measures to strengthen anti-narcotics enforcement, including dedicated anti-narcotics task forces, financial investigations, prosecution under the Narcotic Drugs and Psychotropic Substances Act, and action against transnational drug networks.

The second letter concerned the attack in Mari Panwan village in Gurdaspur district, in which Bikramjit Singh died and Nishan Singh and Gurmukh Singh were critically injured.

According to accounts cited in the report, the three men had objected to alleged drug peddling in their village before being attacked with sharp-edged weapons. However, police have denied that the incident was motivated by drug-related disputes and said an investigation was underway. Bikramjit’s relatives have also disputed the police account that the murder followed a dispute over a mobile phone.

The third letter sought details about Gulzar Singh’s death on September 8. The ministry referred to reports that he had raised concerns about the availability of synthetic drugs and had faced pressure and harassment from the local village panchayat. These allegations form part of the circumstances the Centre has asked the state government to examine and report on.

Amit Shah raises questions over Punjab’s law and order

Union Home Minister Amit Shah also raised concerns about the situation in Punjab, referring to the challenges posed by drugs, gangsterism and organised crime.

Questioning the Bhagwant Mann-led government over public safety, Shah called for action against the drug trade, protection for young people and strict measures against criminals.

The Centre’s requests place the three incidents under scrutiny, although the alleged links between the attacks or deaths and opposition to drug-related activities remain subject to the specific circumstances and investigations in each case.

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Mallikarjun Kharge seeks all-party meeting with PM Modi on delimitation

Congress president Mallikarjun Kharge has written to Prime Minister Narendra Modi for the fourth time, seeking an all-party meeting on delimitation. He also flagged the 64-day delay in proroguing Parliament’s Monsoon Session.

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Congress president Mallikarjun Kharge has renewed his demand for an all-party meeting with Prime Minister Narendra Modi to discuss the government’s proposed delimitation exercise, arguing that political parties must have adequate time to examine the proposals before they are finalised for consideration in Parliament.

In a letter to the prime minister on Friday, October 16, Kharge also raised concerns over what he described as an unprecedented delay in formally proroguing Parliament’s Monsoon Session. He said 64 days had passed since the session was adjourned sine die on August 13, while both Houses were yet to be prorogued.

Kharge seeks wider consultations on delimitation

Kharge said he had first written to Modi on April 11, requesting an all-party meeting before the government introduced a constitutional amendment bill concerning delimitation.

According to the Congress president, the government did not convene the requested meeting before making the bills public late on April 14 and calling a special session of Parliament on April 16.

The constitutional amendment bill on delimitation subsequently failed to secure the required two-thirds majority in the Lok Sabha on April 17.

Kharge said he had again written to the prime minister on July 16 and August 27, reiterating his demand for consultations. In his latest letter, he made the request for the fourth time, asking the government to discuss its revised proposals with political parties before finalising them for parliamentary consideration.

The Congress chief stressed that political parties should receive sufficient time to discuss the proposals among themselves and with other stakeholders.

He also cautioned the government against attempting to push through another far-reaching constitutional amendment without adequate deliberation.

Congress raises concern over Parliament session

Apart from delimitation, Kharge highlighted the delay in proroguing the Monsoon Session, which was adjourned sine die on August 13.

He described the 64-day gap as unprecedented and linked the issue to concerns about possible government plans to bring fresh delimitation proposals before Parliament.

Prorogation formally ends a parliamentary session. Kharge’s letter raised the issue while urging the government to ensure wider political consultation before proceeding with any new legislative proposals.

Jairam Ramesh shares Kharge’s letter

Congress general secretary for communications Jairam Ramesh also drew attention to the letter by sharing it on X.

Ramesh said Kharge had written to Modi about the delay in proroguing the Monsoon Session and the possibility of further government moves on delimitation.

The Congress’s latest demand centres on securing time for political parties to examine the government’s proposals before they are finalised for consideration in Parliament.

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Abhijeet Dipke detained ahead of CJP’s national flag march in Delhi

Cockroach Janta Party founder Abhijeet Dipke was detained by Delhi Police on October 16, 2026, shortly before a planned national flag march. The proposed rally followed the judicial custody of two CJP members who had waved the Tricolour at Jantar Mantar.

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Cockroach Janta Party (CJP) founder Abhijeet Dipke was detained by Delhi Police on Friday, October 16, shortly before he was due to participate in a planned national flag march in the capital.

According to the report, police personnel reached Dipke’s residence and detained him just minutes before the proposed ‘Lehra Do Tiranga’ rally. The march was planned in Delhi amid tensions over restrictions on demonstrations and the detention of CJP members.

The latest detention marks the second time Dipke has been detained within a week. He was previously detained after arriving at Delhi’s airport from Mumbai for a protest against Chief Election Commissioner Gyanesh Kumar over allegations of manipulation during the Special Intensive Revision (SIR) of electoral rolls.

Why was the national flag march planned?

One of the main triggers for the planned march was the judicial custody of two CJP members, Saurav Das and Ashutosh Ranka.

The two were sent to five-day judicial custody after entering Jantar Mantar while waving the national flag on October 13. The incident occurred a day after the historic protest site was denotified as a protest location, according to the report.

The proposed march was called ‘Lehra Do Tiranga’. CJP planned the rally amid its continuing opposition to Chief Election Commissioner Gyanesh Kumar over alleged electoral irregularities.

The allegations concerning voter-list manipulation remain allegations and should not be presented as established findings.

Police had issued a notice before the detention

Before detaining Dipke, Delhi Police personnel visited his residence and served him a notice advising him against holding the proposed march.

The notice was issued under Section 163 of the Bharatiya Nagarik Suraksha Sanhita (BNSS), according to the report. It stated that prohibitory orders were in force in the Connaught Place area.

The notice also cited the absence of permission from the New Delhi Municipal Council (NDMC) for the proposed Tiranga Yatra. It warned that proceeding with the march despite the restrictions would be considered a violation of the law.

The detention came amid heightened attention to the proposed gathering in central Delhi and the dispute over whether the planned march could proceed under the prevailing restrictions.

A second detention in a week

Dipke’s latest detention followed his earlier detention at Delhi airport after he arrived from Mumbai for a planned protest over the SIR exercise and allegations concerning voter-list manipulation.

The latest episode adds to the ongoing confrontation between CJP and the authorities over its proposed demonstrations. The immediate context for the October 16 march was the judicial custody of two party members following their appearance at Jantar Mantar with the national flag.

The report does not establish that the allegations of electoral manipulation are proven, nor does it provide a final judicial determination of the dispute surrounding the planned march.

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