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.
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UP cop mistakes judge for theft accused, searches her home in shocking blunder
New Delhi: In a startling case of police negligence, a sub-inspector in Firozabad, Uttar Pradesh, wrongly identified a sitting judicial officer as a proclaimed offender and searched her residence, triggering outrage within the judiciary and immediate disciplinary action.
The officer, Sub-Inspector Banwarilal, was executing a proclamation order under Section 82 of the Criminal Procedure Code (CrPC) against an absconding theft accused, Rajkumar alias Pappu. However, in a major lapse, he mistook Chief Judicial Magistrate Nagma Khan—the very judge who had issued the order—for the accused.
Rajkumar had been evading arrest in connection with a 2012 theft case registered at Thana North Police Station. After repeated non-bailable warrants failed to secure his presence, Magistrate Khan ordered proceedings to declare him a proclaimed offender.
Instead of acting on the correct details, SI Banwarilal submitted a report to the court mislabeling the proclamation as a non-bailable warrant and erroneously listing Judge Khan’s name as the accused. He further claimed she was untraceable at her residence, prompting the court's alarm.
The error came to light during a court hearing on March 23. A visibly shocked Magistrate Khan denounced the sub-inspector's conduct as a “patent and grave error,” citing his failure to read and understand the judicial order.
“It is quite bizarre that the serving officer of the concerned Police Station has little to no idea of what was sent by this court, who exactly sent it, and against whom,” she remarked, adding that such negligence poses serious threats to the fundamental rights of individuals and public confidence in the justice system.
The court further warned that unchecked carelessness by law enforcement officers could result in arbitrary actions and the misuse of power. “If such negligent police officials are made free to serve processes in such a blind form, escaping the consequences of their wrongs, they will run amok,” the court observed.
Copies of the court’s order were sent to senior police authorities, including the Inspector General of Police (Agra Range), the Director General of Police (Uttar Pradesh), and the Superintendent of Police (Firozabad), recommending a formal inquiry and disciplinary action.
Acting on the court’s directive, Firozabad SSP Saurabh Dixit suspended Sub-Inspector Banwarilal with immediate effect, pending further investigation. The matter will next be heard on April 26, 2025.
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