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.
MP HC sets up judicial commission to probe water contamination in Indore
Indore (PTI): The Indore bench of Madhya Pradesh High Court on Tuesday set up a commission of inquiry comprising a former HC judge to probe the issue of water contamination in city's Bhagirathpura, saying the matter requires probe by an independent, credible authority and "urgent judicial scrutiny".
It also directed the commission to submit an interim report after four weeks from the date of commencement of proceedings.
A division bench of Justices Vijay Kumar Shukla and Alok Awasthi constituted the commission while hearing several public interest litigations (PILs) filed simultaneously regarding the deaths of several people in Bhagirathpura due to the consumption of contaminated water.
The HC reserved the order after hearing all the parties during the day, and released it late at night.
The state government on Tuesday told the HC that the deaths of 16 people in Indore's Bhagirathpura area was possibly linked to a month-long outbreak of vomiting and diarrhoea caused by contaminated drinking water.
The government presented an audit report of 23 deaths from the current gastroenteritis epidemic in Bhagirathpura before the bench, suggesting that 16 of these fatalities may have been linked to the outbreak of vomiting and diarrhoea caused by contaminated drinking water.
The report, prepared by a committee of five experts from the city's Government Mahatma Gandhi Memorial Medical College, stated that the deaths of four people in Bhagirathpura were unrelated to the outbreak, while no conclusion could be reached regarding the cause of death of three other people in the area.
During the hearing, the high court sought to know from the state government the scientific basis behind its report.
The division bench also expressed surprise at the state government's use of the term "verbal autopsy" in relation to the report, sarcastically stating that it had heard the term for the first time.
The HC expressed concern over the Bhagirathpura case, stating that the situation was "alarming," and noted that cases of people falling ill due to contaminated drinking water have also been reported in Mhow, near Indore.
In its order, the HC said the serious issue concerning contamination of the drinking water supply in Bhagirathpura area allegedly resulted in widespread health hazards to residents, including children and elderly persons.
According to the petitioners and media reports, death toll is about 30 till today, but the report depicts only 16 without any basis or record, it said.
It is averred that sewage mixing, leakage in the pipeline, and failure of civic authorities to maintain potable water standards have led to the outbreak of water-borne diseases. Photographs, medical reports, and complaints submitted to the authorities prima facie indicate a matter requiring urgent judicial scrutiny, the HC said.
"Considering the gravity of the allegation and affecting the right to life under Article 21 of the Constitution of India and the need for an independent fact-finding exercise, the Court is of the opinion that the matter requires investigation by an independent, credible authority," it said.
"Accordingly, we appoint Justice Sushil Kumar Gupta, former judge of the Madhya Pradesh High Court, a one-man commission of inquiry into the issues relating to water contamination in Bhagirathpura, Indore, and its impact on other areas of the city," the HC added.
As per the order, the commission shall inquire into and submit a report on the cause of contamination -- whether the drinking water supplied to Bhagirathpura was contaminated; and the source and nature of contamination (sewage ingress, industrial discharge, pipeline damage etc).
The panel will also probe the number of actual deaths of affected residents on account of contaminated water; find out the nature of disease reported and adequacy of medical response and preventive measures; suggest immediate steps required to ensure safe drinking water as well as long-term infrastructural and monitoring reforms.
It will also identify and fix responsibility upon the officers and officials found prima facie responsible for the Bhagirathpura water contamination incident, and suggest guidelines for compensation to affected residents, particularly vulnerable sections.
The commission shall have powers of a civil court for the purpose of summoning officials and witnesses; calling up records from the government department, hospitals, laboratories and civic bodies; ordering water quality testing through accredited laboratories; conducting spot inspections.
All state authorities involving district administration, Indore Municipal Corporation, public health engineering department and Madhya Pradesh Pollution Control Board shall extend full co-operation and provide records as sought by the commission, it said.
The state government shall provide office space, staff, and logistical support to the commission, it said.
During the hearing in the day, the state government also presented a status report to the court in this matter.
According to reports, a total of 454 patients were admitted to local hospitals during the vomiting and diarrhea outbreak, of whom 441 have been discharged after treatment, and 11 are currently hospitalised.
According to officials, due to a leak in the municipal drinking water pipeline in Bhagirathpura, sewage from a toilet was also mixed in the water.
