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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

oppn parties

Stock Markets: A Huge Correction

By Linus Garg
First publised on 2023-09-21 03:32:47

About the Author

Linus tackles things head-on. He takes sides in his analysis and it fits excellently with our editorial policy. No 'maybe's' and 'allegedly' for him, only things in black and white.

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The Indian stock markets crashed on Wednesday. BSE Sensex lost 796 points to end at 66800 and the Nifty 50 shed 232 points to close at 19901. The downslide was reflected in all sub-indices like the small- caps and mid-caps and also in sector-based indices. The biggest loser was HDFC Bank which plunged 3.87%, much more than the fall in the benchmark indices. Although there was no immediate trigger for the fall, rising crude prices have stoked fears of another round of inflation and consequently the view among experts is that RBI will delay cutting key policy rates. This might impact growth in the short term.

The crash on Wednesday reversed an 11-day rally in the markets which was the longest in 16 years and which added 3000 points to the Sensex. During this time, Nifty crossed 20000 for the first time. But finally, traders were spooked by rising oil prices, the weakness of the rupee, the US Fed's hawkish stance going ahead and the selling by foreign funds. Domestic funds also turned net sellers with an outflow of Rs 573cr. HDFC Bank alone shaved off 482 points from the Sensex. The slide resulted in investors losing as much as Rs 2.9 lakh crore in a single session.

Although this can be seen as a correction which many veteran traders were predicting will happen after a prolonged rally, the domestic and international factors that weighed in on Wednesday will remain for some time. Oil prices are expected to rise further and with the dollar remaining strong, the rupee is likely to slide more. Investors need to exercise caution but there is no need to indulge in panic selling as market fundamentals are strong.

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