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Sensex slips 800 points as Russia-Ukraine crisis escalates, Nifty trades below 17,000-marks

However, the crude oil prices hit 96.7 USD per barrel on Tuesday, the highest mark since September 2014. While the West has termed it a blatant violation of international law, the rising global tensions and threat of invasion in Ukraine have caused oil prices to surge and the stock markets to crash.

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Ukraine-Russia tensions

Markets dropped more than 2% on Tuesday amid Ukraine-Russia tensions. The benchmark equity indices on the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) continued to trade nearly 1.5 per cent lower today.

The Russia-Ukraine crisis has witnessed the weakness in the global market as investors dumped equities across the board due to an escalation in Russia-Ukraine tensions.

After Russia ordered troops into eastern Ukraine, all sectors were come into deep red. The Tata Consultancy Services (TCS), Tata Steel, Bharti Airtel, SBI, Dr. Reddy’s, HCL Technologies were the top laggards.

At 12:07 pm, the BSE Sensex was trading 811.04 points (1.41%) lower at 56,872.55, while the Nifty 50 tumbled 237.95 points (1.38%) at 16,968.70.

However, the crude oil prices hit 96.7 USD per barrel on Tuesday, the highest mark since September 2014. While the West has termed it a blatant violation of international law, the rising global tensions and threat of invasion in Ukraine have caused oil prices to surge and the stock markets to crash.

Read Also: Russia-Ukraine crisis: India sends flight for Ukraine to citizens

While, the oil prices have surged nearly 40% since December 1, 2021, when it was trading at 69.5 USD, the benchmark Sensex at the BSE fell by over 1,250 points in the early trading hours on Tuesday and hit a day’s low of 56,394.

The rupee also fell 33 paisa or 0.44% to hit 74.84 to USD.

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Congress slams Bhagwant Mann govt after protesting farmers removed from Sambhu border, says Punjab will avenge the backstabbing

Her remarks came after Punjab Police removed protesting farmers from the border and detained several farmer leaders, including Jagjit Singh Dallewal and Sarvan Singh Pandher.

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The Congress on Thursday criticized Punjab Chief Minister Bhagwant Mann and the Aam Aadmi Party (AAP) government for their handling of the farmers’ protest at the Punjab-Haryana Shambhu border, accusing them of “backstabbing” the farmers.

Congress leader Supriya Shrinate said, “AAP showed its true character yesterday. We should not forget that Arvind Kejriwal’s Delhi government was the first state government to pass the three black farm laws. It is unbelievable that a party born out of a movement would resort to ending the farmers’ movement in this manner. Punjab will definitely take revenge for this backstabbing.”

Her remarks came after Punjab Police removed protesting farmers from the border and detained several farmer leaders, including Jagjit Singh Dallewal and Sarvan Singh Pandher.

Pratap Singh Bajwa, Leader of the Opposition in the Punjab Assembly, echoed similar sentiments, calling AAP and the Bharatiya Janata Party (BJP) “two sides of the same coin.” He alleged that the crackdown on farmers was politically motivated to ensure the victory of AAP’s candidate in the Ludhiana West bye-election, which could pave the way for Arvind Kejriwal to become a Rajya Sabha member.

“This was expected from Punjab CM Bhagwant Mann. Why did they betray the farmers? On one hand, they called the farmers for a meeting, and then they detained them. BJP and AAP are two sides of the same coin. The Haryana government has also started evacuating the borders. They want to ensure that their candidate wins the Ludhiana West bye-election so that Kejriwal can enter the Rajya Sabha,” Bajwa said.

The farmers, united under the banners of the All India Kisan Sabha and Bharatiya Kisan Union, had been protesting at the Shambhu border, demanding various concessions from the government. On Wednesday, Punjab Police dismantled temporary structures at the protest site and detained several farmer leaders, sparking outrage among the farming community.

In response to the crackdown, farmers staged a protest march to the residence of Haryana Chief Minister Nayab Singh Saini in Karnal on Thursday.

Punjab Minister Harpal Singh Cheema defended the government’s actions, stating that the borders needed to be reopened for the sake of Punjab’s economy and youth. He urged farmers to protest in Delhi or elsewhere, as their demands are directed at the Central government.

“The AAP government and the people of Punjab stood with the farmers when they protested against the three black farm laws. The demands of the farmers are against the Central government. It has been more than a year, and the Shambhu and Khanauri borders are closed. Traders and the youth of Punjab are very upset. When traders can do business, the youth will get employment and stay away from drugs,” Cheema told ANI.

“Today’s action has been taken because we want the youth of Punjab to get employment. We want to open Shambhu and Khanauri borders. The demands of the farmers are against the Central government, and they should stage a protest in Delhi or somewhere else but should not block the roads of Punjab,” he added.

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Curfew lifted in parts of Nagpur three days after violence over Aurangzeb tomb issue

These individuals are among 50 accused named in four First Information Reports (FIRs) filed in connection with Monday’s violence.

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The curfew imposed in several areas of Nagpur has been lifted or relaxed, three days after violent clashes rocked the city, said the officials on Thursday, March 20.

The unrest erupted on Monday night when mobs went on a rampage following rumours that a ‘chadar’ (cloth) with holy inscriptions was burnt during protests led by the Vishwa Hindu Parishad (VHP) and Bajrang Dal. The protests were demanding the removal of Mughal emperor Aurangzeb’s tomb located in Chhatrapati Sambhajinagar district.

In response to the violence, curfews were imposed in multiple police station areas, including Kotwali, Ganeshpeth, Tehsil, Lakadganj, Pachpaoli, Shanti Nagar, Sakkardara, Nandanvan, Imambada, Yashodhara Nagar, and Kapil Nagar.

On Thursday, Nagpur Police Commissioner Ravinder Singal ordered the lifting of the curfew in Nandanvan and Kapil Nagar areas starting at 2 p.m. Additionally, the curfew was relaxed in Lakadganj, Pachpaoli, Shantinagar, Sakkardara, and Imambada from 2 p.m. to 4 p.m. to allow residents to purchase essential items.

Meanwhile, the cybercrime police have taken action against individuals accused of spreading misinformation and inciting violence during the unrest. Officials confirmed that six people have been booked on charges of sedition and spreading false information on social media. These individuals are among 50 accused named in four First Information Reports (FIRs) filed in connection with Monday’s violence.

Deputy Commissioner of Police (Cyber Crime) Lohit Matani stated that the cybercrime department has requested information from social media platforms, including Facebook, X (formerly Twitter), Instagram, and YouTube, regarding 230 profiles suspected of spreading misinformation. The department has also sought to block these accounts to prevent further escalation of tensions.

The partial lifting of the curfew marks a step toward normalcy in Nagpur, but authorities remain vigilant to ensure peace and order in the city. Investigations into the violence and the role of social media in fueling the unrest are ongoing.

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Centre approves Rs 7,000 crore acquisition of indigenous ATAGS artillery gun system

The Centre has approved the Rs 7,000 crore acquisition of the ATAGS, India’s first indigenously designed 155 mm artillery gun, marking a major step in self-reliance and military modernisation.

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ATAGS artillery gun system ready for deployment

In a significant move towards self-reliance in defence, the Cabinet Committee on Security (CCS), chaired by Prime Minister Narendra Modi, has approved the acquisition of the Advanced Towed Artillery Gun System (ATAGS) worth nearly Rs 7,000 crore. This marks a major milestone in India’s indigenous defence manufacturing capabilities, reinforcing the nation’s commitment to strengthening its armed forces with domestically developed technology.

Game-changer for Indian artillery

The ATAGS is the first indigenously designed, developed, and manufactured 155 mm artillery gun system. It boasts a 52-calibre barrel, capable of achieving an extended firing range of up to 40 km. With its superior firepower, the ATAGS enhances lethality while reducing crew fatigue through automated deployment and target engagement.

This acquisition will significantly bolster the Indian Army’s operational preparedness, particularly along the western and northern borders, by replacing outdated 105 mm and 130 mm artillery guns. The move aligns with India’s vision of modernising its military infrastructure and reducing dependency on foreign imports.

‘Make in India’ success story

Developed through collaboration between the Defence Research and Development Organisation (DRDO) and Indian private industry partners, the ATAGS exemplifies the success of the ‘Make in India’ initiative. Over 65% of its components, including key subsystems such as the barrel, muzzle brake, breech mechanism, firing and recoil system, and ammunition handling mechanism, are sourced domestically.

A crucial aspect of the ATAGS is its minimal reliance on foreign technology. Subsystems like the Navigation System, Muzzle Velocity Radar, and sensors are all designed and manufactured in India, further enhancing self-sufficiency in defence production.

Boosting employment and defence exports

The manufacturing of ATAGS is expected to generate approximately 20 lakh man-days of employment across various industries. Additionally, this development positions India as a strong contender in the global defence export market, paving the way for future indigenous defence exports.

By ensuring a robust supply chain for spare parts and seamless life cycle maintenance, the ATAGS acquisition not only strengthens India’s defence industry but also contributes to long-term strategic independence in military technology.

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