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Supreme Court questions the continuing relevance of two-child norms. The Court observed that falling fertility rates have weakened the population-control rationale behind laws disqualifying people with more than two children from contesting local body elections. It referred the issue to a larger Bench for consideration
Supreme Court declines to shift Tirupati laddu case outside Andhra Pradesh. The Court rejected a plea seeking transfer of the trial, despite arguments that political statements by Andhra Pradesh's Chief Minister and Deputy Chief Minister could affect the fairness of proceedings
Supreme Court transfers Azam Khan's fresh ED bail plea to Allahabad High Court. The apex court declined to consider the Samajwadi Party leader's bail request in a fresh Enforcement Directorate case and directed that it be listed before a division Bench of the High Court on November 16
Two killed in Delhi building collapse; contractor booked. Two bodies were recovered after a building collapsed in Chawri Bazaar. Delhi Chief Minister Rekha Gupta said the contractor had been booked and the concerned junior and assistant engineers suspended
Uttar Pradesh voter rolls show a 2.4-crore discrepancy. A difference of approximately 2.4 crore names has been reported between the state's panchayat and rural Assembly voter lists. The Election Commission has ordered the two sets of rolls to be matched
Gujarat announces 3% dearness allowance hike. The state government announced a three-percentage-point increase in dearness allowance for government employees and pensioners ahead of Diwali
Sensex and Nifty post their strongest single-day gains in months. The Sensex surged 2,008.61 points, or 2.60%, to close at 79,310.01, while the Nifty 50 climbed 576 points, or 2.40%, to 24,536.60. Financial and automobile stocks led the rally, supported by falling crude prices and renewed foreign investor buying
Maaya Rajeshwaran reaches WTA-level quarter-final. The 17-year-old Indian defeated Poland's Weronika Falkowska 6-4, 6-3, becoming the first Indian woman since Sania Mirza in 2012 to reach a quarter-final at a WTA Tour-level singles event
Tanvi Patri reaches Youth Olympics badminton final. The 15-year-old defeated Japan's Yuzuno Watanabe in the semi-final, assuring India of a medal and becoming the first Indian badminton player to reach the girls' singles final at the Youth Olympics
India beat Pakistan 3-2 in SAFF Championship. India defeated Pakistan in a closely contested match, having led 3-0 before conceding two late goals. The victory was reported as a significant result for India's second-string side
India beat Japan 4-1 to win a record sixth Asian Champions Trophy. India recovered from an early deficit to defeat Japan in the final at Mohali, extending its record as the tournament's most successful men's team
The Supreme Court issued notice to the Centre and the Election Commission on a petition challenging Section 16 of the Chief Election Commissioner and Other Election Commissioners Act, 2023, which grants the CEC and Election Commissioners protection from legal proceedings for acts performed in their official duties. The petition argues that such blanket immunity could leave citizens without an effective remedy for alleged wrongdoing by the Commission
The Supreme Court told voters whose names were deleted from Delhi's draft electoral rolls not to be apprehensive about seeking re-enrolment through Form 6, after the Election Commission assured it that such applicants would not be prosecuted merely because their names had appeared in earlier rolls
Congress leader Rahul Gandhi opened the party's campaign for the 2027 Punjab Assembly elections with an Insaaf rally in Sangrur, Chief Minister Bhagwant Mann's home district, accusing the AAP government of failing to control drugs, gangster violence and corruption. Congress president Mallikarjun Kharge outlined six commitments, including a drug-free Punjab, protection of farmers, employment for young people and action against corruption
Rahul Gandhi accused the AAP government of running Punjab through a remote control from Delhi and questioned Bhagwant Mann's ability to tackle drug abuse, making personal allegations about the Chief Minister's conduct during their time together in Parliament

Stock markets on fire due to US results, Sensex gains 2008 points to reach its highest level in 8 months

oppn parties

Stock Markets Turn Volatile

By Linus Garg
First publised on 2021-07-28 14:46:19

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 bourses witnessed a wild, pendulum swing today. The Sensex saw an intra-day high of 52673 points and a low of 51802 points before settling at 52443, 135 points lower than the day's opening mark. It was a swing of 871 points. The Nifty showed similar trend to touch a high of 15767 points and a low of 15513 points before closing the day at 15709. The intra-day swing in Nifty was 254 points. The continued slide for the last three sessions has meant that investors have lost Rs 1 lakh crore in market capitalization.

While profit taking played a huge role in this slide, the market was also spooked by the crackdown on tech companies by the Chinese government and the upcoming US Fed meeting and the expiry of the July F&O. While the external factors did weigh in, the slide was mainly due to operators squaring up their F&O positions before the expiry of July series and profit taking at higher levels.

But what was most heartening was to see the huge support at crucial levels that prevented a major slide and propped up the market. The very fact that there was huge buying support across sectors at lower levels was instrumental in pulling up the Sensex from 51802 points to its closing level of 52443 points and preventing the bears from tightening their grip. The buying support shows that investors are upbeat about the economy and are still looking for bargains. This augurs well for upcoming sessions although the IMF downgrade is a dampener.

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