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October 17, 2026

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News Snippets

  • Allahabad HC said that the UP Police is acting as law unto themselves as they detained a person unlawfully even before his arrest
  • Kolkata witnesses traffic snarls on the first day of the Durga Puja festival as revellers start pnadal-hopping
  • Neha Bora was subsequently released and Dipke is to appear before a magistrate today at noon
  • Delhi Police detained Cockroach Janta Party founder Abhijeet Dipke, Neha Bora of AISA, student leaders and supporters ahead of a rally in Connaught Place demanding Chief Election Commissioner Gyanesh Kumar's resignation. The protest followed the detention and jailing of two CJP leaders earlier in the week over demonstrations at Jantar Mantar
  • The Reserve Bank of India is considering further monetary tightening to counter capital outflows and increase the cost of betting against the rupee, according to bankers and analysts cited by Reuters. The measures follow recent rate increases and steps to drain liquidity as pressure on the currency and inflation concerns persist
  • India directed oil marketing companies to stop diverting sugar-based feedstocks for ethanol production in the 2026–27 supply year, according to a new tender issued on Friday. The companies have invited bids for 11 billion litres of ethanol made from alternatives including corn and broken rice, amid concerns about domestic sugar supplies and prices
  • Finance Minister Nirmala Sitharaman said India's trade imbalance with China was growing sharply and attributed the problem partly to restrictions on Indian goods and services entering the Chinese market. China subsequently said it was ready to work with India to address mutual economic and trade concerns; India's trade deficit with China reached $69 billion in the first half of FY2026–27, up 27% year-on-year
  • Indian equity benchmarks extended their recovery on Friday, with the Sensex rising 413.66 points to close at 74,729.27 and the Nifty 50 gaining 148.80 points to settle at 23,146.15. Information technology shares, including Tech Mahindra, Infosys and TCS, helped lift the indices
  • India defeated Zimbabwe by four wickets in the opening women's T20 International in Raipur, taking a 1–0 lead in the three-match series. Deepti Sharma and Niki Prasad combined in an 82-run stand after India's top order collapsed, helping the hosts chase down Zimbabwe's total of 114 for five
  • Indian wrestler Komal won bronze in the women's 59 kg category at the Under-23 World Wrestling Championships in Las Vegas, defeating Kazakhstan's Viktoriia Khusainova 7–2. Fellow Indian Amruta Pujari advanced to the women's 72 kg final after recording two pinfall victories
  • Indian shuttler Jagsher Singh Khangurra secured a bronze medal at the BWF World Junior Badminton Championships in Cairo
  • The Supreme Court of India upheld the Bombay High Court's decision quashing the 2020 write-off of ₹8,415 crore in additional tier-1 bonds issued by Yes Bank (Yes Bank). The court ruled that the bank's administrator lacked the authority to extinguish the bonds under the final reconstruction scheme, strengthening bondholders' claims
  • The Supreme Court issued notices to the Election Commission of India, Delhi Police and opposition leaders, including Rahul Gandhi and Akhilesh Yadav, in separate petitions concerning electoral-roll revision and protests held in Delhi on October 10–12. The court also directed the preservation of CCTV footage linked to allegations of police excesses
  • The Supreme Court ruled that a person converting from Hinduism to Islam cannot automatically claim backward-class reservation benefits in the new religious community solely on the basis of their previous caste status. The judgment upheld the Madras High Court's decision striking down a 2024 Tamil Nadu government order that permitted such certification for specified communities
  • The Election Commission of India ordered a Special Summary Revision of electoral rolls in 14 states and three Union Territories, using January 1, 2027, as the qualifying date for voter eligibility. The draft rolls are scheduled for publication on November 12, claims and objections will be accepted until December 11, and the final rolls are due on January 4, 2027
Delhi HC refuses to ban CJP's Tiranga rally at Central Park in Connaught Place today /////// Police says will control and regulate it /////// NDMC closes the park for the public on Friday and Saturday
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Markets In Correction Mode

By Sunil Garodia
First publised on 2024-05-10 03:16:15

About the Author

Sunil Garodia Editor-in-Chief of indiacommentary.com. Current Affairs analyst and political commentator. Author of Cyber Scams in India, Digital Arrest, The Money Trap and The Human Hack

After volatility and general weakness in the last few trading sessions, the stock markets crashed hugely on Thursday. The Sensex lost 1062 points or 1.45% and the Nifty was down by 345 points or 1.55%. Investor wealth worth Rs 760000cr was wiped out. A sense of uncertainty prevailed in the broader market and except for auto and ancillaries; all sectors were in the red. The BSE market capitalization went below Rs 40000000cr.

So why are the markets spooked?

There are several factors that have pulled the indices down in the last few trading sessions after the new highs achieved before that. There is rising uncertainty over the election results, with voter apathy and extreme conditions resulting in lower voter turnout. Although the market is not worried about the third term for Prime Minister Modi, it feels that the results will see the BJP/NDA getting a lower number of seats than in 2019. Hence the bulls are retreating and the bears seem to be tightening their grip.

The other big factor is high valuations. Most observers, especially the FPIs, feel that prices are overvalued. At these prices, there always will be selling pressure as many investors would like to book profits. FPIs have become net sellers for the last few sessions, giving a chance to the bears. Other Asian markets have performed better in the last one month as the PE ration is lower. FPIs feel Indian shares are grossly overvalued. Then RPG group chairman Harsh Goenka also warned investors about a 'Harshad Mehta-type' scam brewing. That has also scared some retail investors.

Further, there is concern over rising inflation in the US as that will mean that the Fed will not cut rates. The prolonged heat wave in many parts of India has increased the prices of essentials, especially fruits and vegetables and there are fears that it will lead to higher inflation which will not be easily tamed.

Apart from this, the geopolitical concerns and Q4 earnings, which were in line and not spectacular, have also weighed in to tame the euphoria. Markets are in correction mode and it is difficult to see this trend changing before the election results are announced. Trading sessions henceforth are likely to be volatile and the sentiment is likely to remain negative. 

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