Bloodbath in Indian markets: Nifty hits 1-year low, Sensex drops over 3,900 points
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Mumbai: In one of the sharpest market crashes since the COVID era, Indian stock indices opened with a steep fall on Monday. The Nifty 50 plunged by 5%, opening at 21,758.40 — down by 1,146.05 points. Simultaneously, the BSE Sensex dropped by 3,984.80 points (5.29%), opening at 71,379.8.
Experts attribute the market carnage to a global selloff triggered by the US administration's recent economic policies. Ajay Bagga, a market expert, said India is facing the ripple effects of massive tariff hikes announced by former US President Donald Trump, which he termed as the "highest tariffs of a century."
Asian markets mirrored the downturn. Taiwan's index crashed 20% after reopening from a holiday, while Hong Kong’s Hang Seng fell nearly 10%. Japan's Nikkei dropped 5.79%, China’s Shanghai Composite 6.5%, and South Korea’s KOSPI fell 4.14%. Australia’s S&P/ASX 200 declined by 3.82%.
Indian financial experts called for urgent fiscal, monetary, and reform measures to shield the domestic economy from further fallout. SEBI-registered analyst Sunil Gurjar noted that Nifty's technical indicators show a bearish trend, suggesting more downside risk ahead.
Meanwhile, Brent crude prices hit a 52-week low, trading at $63.97, and US market futures indicated further weakness, with the Dow Jones down 2.22%.
Market watchers believe that without a rollback or easing of the tariff measures, global markets may continue to experience heightened volatility in the coming weeks.
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“Mistake owing to communication gap,” MLA Yatnal clarifies over alleged derogatory speech on Prophet
Vijayapura: Vijayapura MLA Basanagouda Patil Yatnal has denied making any derogatory statement about Prophet Muhammad, clarifying that there was a misstatement during his speech at a Ram Navami event in Hubballi. "I did not speak about Prophet Muhammad. I meant to refer to Muhammad Ali Jinnah, but there was a mistake in the speed of speech," he said addressing reporters on Monday.
He alleged that members of the Congress, frustrated by their hooliganism and failure to collect their hafta (extortion) in Vijayapura are using the Prophet as an excuse to speak against me. “There is no culture of denigrating another religion in Hinduism. Our gurus and elders have not taught us that,” he said.
Responding to another controversy involving an audio clip in which he was allegedly threatened, Yatnal said the police are investigating the matter and that those behind it will soon be exposed. “No one can finish me. The Hindus of Karnataka are with me. If someone tries to finish me, the whole state will rise in protest,” he warned.
