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Sensex slips over 500 points as US tariff shock rattles Indian markets

Sensex fell over 500 points and Nifty 50 opened lower after US announced a 25% tariff on Indian goods. Export-heavy sectors are expected to face the biggest impact.

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The Indian stock market began Wednesday on a bearish note, reacting sharply to the United States’ latest trade action targeting Indian exports. President Donald Trump’s announcement of a 25% tariff on goods imported from India, effective August 1, triggered a wave of selling pressure across key indices.

As of 9:17 a.m. IST, the BSE Sensex had dropped 0.71% to 80,888.01, while the Nifty 50 slipped 0.66% to 24,699.1 points. The market mood turned grim amid growing concerns over a possible breakdown in bilateral trade talks between India and the US.

All 16 major sectoral indices opened in the red, highlighting the broad-based nature of the decline. Meanwhile, the broader small-cap and mid-cap segments witnessed deeper losses, each falling by around 1.25%, as investors turned risk-averse amid the escalating trade tensions.

According to analysts, Indian exports such as textiles, pharmaceuticals, and auto components—which rely heavily on access to the American market—are likely to bear the brunt of the new tariff regime. These sectors had shown robust performance in the previous quarter, buoyed by hopes of a stable trade dialogue.

However, the latest move by the US administration is being seen as a major blow to diplomatic and trade discussions that had been progressing over the past few months. Despite the imposition of the steep tariff, President Trump noted that talks with India are “still ongoing.”

The sentiment across Dalal Street is likely to remain fragile in the near term, with volatility expected to rise as markets digest the full impact of the US tariff strategy and await further clarity from both governments.

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Farooq, Omar Abdullah to meet upset NC MLAs amid party discontent

Farooq Abdullah and Omar Abdullah are set to meet National Conference MLAs who have raised concerns following the recent Cabinet expansion in Jammu and Kashmir.

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Omar Abdullah

Jammu and Kashmir National Conference (NC) president Farooq Abdullah and Chief Minister Omar Abdullah are set to meet a group of party legislators who have raised concerns following the recent expansion of the Union Territory’s Council of Ministers.

The meeting is scheduled in Srinagar on Friday as the party leadership attempts to address grievances raised by several NC MLAs. Reports indicate that the legislators had met separately ahead of their interaction with the Abdullahs to finalise the issues they wanted to raise. 

The developments come days after Omar Abdullah expanded his Cabinet, inducting four new ministers and dropping Independent MLA Satish Sharma from the Council of Ministers. The reshuffle has led to discontent among sections of the ruling National Conference, particularly among legislators who were not included in the new ministerial team. 

What the NC MLAs want

The legislators have raised concerns about the functioning of the party and government, including the need for greater authority for elected representatives, stronger party organisation at the grassroots level and better implementation of commitments made to voters.

Some members of the group have also demanded changes involving ministers and the Chief Minister’s advisor Nasir Aslam Wani. Earlier reports said the legislators had prepared a memorandum outlining their grievances and demands. 

The group has stressed that its concerns are aimed at strengthening the party rather than destabilising the government. One legislator described the focus as improving the party’s functioning at the grassroots level and ensuring that MLAs are empowered to address public grievances.

Cabinet expansion triggered tensions

The latest discontent followed Omar Abdullah’s Cabinet expansion, under which four new ministers were inducted. They include Ali Mohammad Sagar, Mir Saifullah, Shamima Firdous and Altaf Ahmad Kaloo. Independent MLA Satish Sharma was dropped from the Council of Ministers. 

The Cabinet changes had already prompted concerns among some senior legislators over ministerial representation and the functioning of the party organisation. The disagreement has since developed into a broader discussion about the role and empowerment of elected representatives.

The meeting with Farooq and Omar Abdullah is therefore significant as the party leadership seeks to engage directly with the legislators and address their concerns.

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Hardeep Singh Puri elected unopposed to Rajya Sabha from Madhya Pradesh

Union Minister Hardeep Singh Puri has been elected unopposed to the Rajya Sabha from Madhya Pradesh after the nominations of two other candidates, including a Congress-backed nominee, were rejected.

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Hardeep Puri

Union Petroleum Minister and Bharatiya Janata Party (BJP) leader Hardeep Singh Puri has been elected unopposed to the Rajya Sabha from Madhya Pradesh. The announcement was made on Thursday after the deadline for withdrawal of nominations ended, leaving Puri as the only candidate in the contest.

Puri’s election followed the rejection of nomination papers filed by two other candidates, Kante Sayanna and Rajkumar Lohani, who was backed by the Opposition Congress. Their nominations were rejected during the scrutiny process, making Puri the sole candidate remaining in the fray.

Returning Officer Umesh Sharma formally declared Puri elected to the Upper House of Parliament. Madhya Pradesh BJP president Hemant Khandelwal collected his certificate of election from the returning officer in the presence of party MLA Rameshwar Sharma.

Why Hardeep Singh Puri was elected unopposed

The Madhya Pradesh Rajya Sabha bypoll witnessed three candidates initially entering the contest. However, the nomination papers of the two other candidates did not clear scrutiny.

Kante Sayanna and Congress-backed candidate Rajkumar Lohani had their nominations rejected during the examination of election papers. With both candidates out of the contest, Puri remained the only candidate.

As a result, the returning officer declared him elected unopposed on the final day of withdrawal of nominations on November 5.

The bypoll, if required, had been scheduled to take place on November 12.

Why the Madhya Pradesh Rajya Sabha seat fell vacant

The by-election became necessary following the resignation of former Union minister L Murugan from the Rajya Sabha last month.

Murugan’s departure created a vacancy in the Upper House from Madhya Pradesh. His original term was scheduled to continue until April 2, 2030.

The BJP subsequently nominated Hardeep Singh Puri as its candidate for the by-election.

Puri, a former diplomat who later entered politics, currently serves as the Union Minister of Petroleum and Natural Gas.

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Amit Shah challenges Rahul Gandhi to debate SIR in Parliament

Amit Shah responded to Rahul Gandhi’s public debate challenge by inviting him to discuss the SIR exercise in Parliament. He also criticised the Congress over its demand for Chief Election Commissioner Gyanesh Kumar’s resignation.

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Union Home Minister Amit Shah has challenged Congress leader Rahul Gandhi to take up his demand for a public debate with Prime Minister Narendra Modi in Parliament, saying the government is ready to convene a special session to discuss the Special Intensive Revision (SIR) exercise.

Addressing a rally in Haryana’s Karnal, Shah directly responded to Gandhi’s challenge to the Prime Minister, asking the Congress leader to write to PM Modi if he wanted a discussion.

“I want to challenge Rahul Gandhi directly. You challenge PM Modi for a discussion? If you want a discussion, simply write a letter to PM Modi. We are ready to convene a special session of Parliament to discuss the SIR exercise… Come and debate in Parliament,” Shah said.

The remarks came two days after Rahul Gandhi issued another public debate challenge to the Prime Minister.

On November 3, Gandhi wrote in a post on X that PM Modi could choose any stage or venue for a discussion. He proposed debating allegations concerning who was anti-national and who had connections with foreign forces, adding that the media and the country’s youth should also be present.

Amit Shah targets Congress over SIR controversy

During his address, Shah also criticised the Congress over its demand for the resignation of Chief Election Commissioner Gyanesh Kumar.

Referring to the 2014, 2019 and 2024 Lok Sabha elections, the Home Minister argued that the Congress had lost despite no Special Intensive Revision exercise being conducted during those elections.

“Where was the SIR in 2014? You were completely wiped out even then. Where was SIR in 2019? You lost. There was no SIR in 2024 either, yet you lost again,” he said.

Shah also referred to the elections in Haryana and Maharashtra, claiming that there was no SIR exercise in either state when the Congress suffered electoral defeats.

He accused the Opposition of disrupting parliamentary proceedings and organising protests on the streets instead of allowing Parliament to function.

Shah criticises Rahul Gandhi over protests

The Home Minister further alleged that Rahul Gandhi and the Congress were creating disorder through street protests and parliamentary boycotts.

Shah said BJP workers would give a “fitting reply” if Gandhi continued to mobilise crowds on the streets.

He also questioned Gandhi’s claim to have mobilised large numbers of people for a rally in Delhi, alleging that the venue had a capacity of 70,000 and was still half empty despite an appeal to bring 10 lakh people.

“The people of the country have consistently defeated Rahul Gandhi and the Congress party. The people of the country are not with you or the Opposition alliance,” Shah said.

Amit Shah raises questions over Rahul Gandhi’s foreign visits

Shah also sought details about Rahul Gandhi’s foreign visits, arguing that people had a right to know about them.

“You’re Leader of Opposition… People have the right to know,” the Home Minister said.

His remarks came amid the continuing political confrontation between the BJP and Congress over the SIR exercise, electoral processes and the Opposition’s criticism of the Election Commission.

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