Sensex, Nifty join global selloff as Trump tariffs trigger trade war fears
Mumbai, Apr 4 (PTI): Equity benchmarks Sensex on Friday slumped over 900 points to crash below the 76,000 level due to an across-the-board sell-off, tracking weak global markets amid growing global trade war fears.
Besides, a sharp correction in crude prices and a heavy sell-off in market heavyweights Reliance Industries, Larsen & Toubro and Infosys added to the gloom, analysts said.
The 30-share BSE Sensex tumbled 930.67 points or 1.22 per cent to settle at 75,364.69. During the day, it plummeted 1,054.81 points or 1.38 per cent to hit an intraday low of 75,240.55.
The broader NSE Nifty declined 345.65 points or 1.49 per cent to close at 22,904.45. In the session, the 50-share benchmark gauge 382.2 points or 1.64 per cent to 22,867.90.
Tata Steel was the biggest loser in the Sensex pack, sliding 8.59 per cent, followed by Tata Motors, Larsen & Toubro, Adani Ports, IndusInd Bank, Tech Mahindra, Reliance Industries, Sun Pharmaceutical, HCL Technologies, Tata Consultancy Services, Infosys, and NTPC, were the major laggards.
On the other hand, Bajaj Finance, HDFC Bank, Nestle India, ICICI Bank, ITC, Asian Paints and Axis Bank were among the gainers.
In broader markets, the BSE midcap gauge plunged 3.08 per cent, while smallcap index declined 3.43 per cent.
"Markets slumped in sync with the crash in global equities with sectors crashing over 2-6 per cent on broad-based selling," Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd, said.
Investors fear Trump's reciprocal tariff policy will fuel recession and drive inflation in the US going ahead and engulf other key economies. A sharp fall in metal and oil stocks is indicating that demand could be hit amid slowdown fears, Tapse added.
In Asian markets, Tokyo and Seoul ended lower. Hong Kong and Shanghai stock markets remained closed for the holidays.
European markets were trading lower in the mid-session deals. US markets closed lower in overnight deals on Thursday, witnessing their biggest drop since 2020.
Global oil benchmark Brent Crude slipped 3.26 per cent to USD 67.85 a barrel.
"Crude oil prices plunged after the US President announced heavy reciprocal trade tariffs, triggering fears of slower global demand. A sharp tariff hike on China spooked energy markets, leading to crude oil's biggest single-day fall in three years," Rahul Kalantri, VP Commodities, Mehta Equities Ltd, said.
Meanwhile, foreign institutional investors (FIIs) offloaded equities worth Rs 2,806 crore on Thursday, while Domestic Institutional Investors (DIIs) purchased shares worth Rs 221.47 crore on a net basis.
On Thursday, the 30-share BSE Sensex declined by 322.08 points to close at 76,295.36, and the broader NSE Nifty fell 82.25 points to settle at 23,250.10.
Let the Truth be known. If you read VB and like VB, please be a VB Supporter and Help us deliver the Truth to one and all.
Bidar: Quresh Conference holds 3rd national convention, focuses on community issues
Bidar, April 12: The Third National Convention of the Quresh Conference was successfully organized on a large scale in Bidar on Saturday, bringing together over 270 community representatives from across India to deliberate on the pressing social, economic, and educational challenges faced by the Qureshi community.
The event was held at the SM Hangargi Function Hall under the chairmanship of advocate Sanobar Qureshi, the national president of the Quresh Conference. Leaders and delegates from Karnataka, Maharashtra, Telangana, Andhra Pradesh, Gujarat, Uttar Pradesh, Rajasthan, and Delhi attended the convention and presented issues from their respective regions.
Addressing the gathering, Sanobar Qureshi emphasized that despite the Qureshi community comprising over 6.5 crore people in India, they continue to face exclusion from key government schemes and opportunities. He urged the government to grant the same status to the Qureshi community and meat traders as it does to farmers, stating that meat trading is also a legitimate source of livelihood that supports many families across the country.
He criticized the closure of slaughterhouses in several parts of the country, calling it a blow to employment and a contradiction to the government’s stated goal of promoting job creation. He stressed the need for modern, hygienic, and government-supported slaughterhouses to be constructed in every district, enabling the community to conduct its trade within lawful frameworks and with dignity. Sanobar also underlined the importance of promoting education among community members to build awareness and social empowerment.
Several community leaders addressed the convention and shared insights. Among them were Afsar Qureshi from Jharkhand, Muhammad Ashiqeen Qureshi from Delhi, Sadiq Qureshi from Maharashtra, Mukhtar Qureshi from Bombay, Abdul Qayyum Qureshi from Rajasthan, and Moin Khalil Qureshi and Munira Qureshi from Pune. They raised issues ranging from lack of representation to the negative impact of current laws on the community’s traditional business of meat trading.
Karnataka state president Muhammad Nabi Qureshi, who organized the event, welcomed the attendees and emphasized the need for collective action to address the various challenges confronting the Qureshi community. He said that the primary aim of the convention was to bring together the community across the country, confront internal social issues, promote education, and work on strategies to protect and support traditional businesses. He added that coordinated representation before the government is essential to secure the community’s rights.
One of the notable moments of the convention was the felicitation of Majid Bilal, a well-known social worker from Bidar, recognized for his service of burying more than 3,000 unclaimed and unidentified bodies over the years, including during the COVID-19 pandemic, regardless of caste or religion.
The conference concluded with a strong call for unity and sustained engagement with the state and central governments to ensure that the Qureshi community is given its due place in society. The organizers received appreciation from the participants for hosting the convention in an orderly and impactful manner.
