BJD rejects Gadkari's proposal to settle river issue through talks
Bhubaneswar: The ruling BJD in Odisha today rejected Union Water Resources Minister Nitin Gadkari's proposal to settle the Mahanadi river water dispute with Chhattisgarh through dialogue.
BJD spokesperson Prashant Nanda said that discussions on the matter would make sense only after the Chhattisgarh government halts construction work on the river.
"There is no point in discussing the issue with Chhattisgarh as the central government has not asked the neighbouring state to stop construction work along the upstream of the river Mahanadi," Nanda told reporters.
The BJD's reaction came minutes after Gadkari, while replying to a series of questions on the Mahanadi river issue in the Lok Sabha, requested the Odisha government to settle the dispute with Chhattisgarh through negotiations.
The Union minister also justified the central government's move to decline the BJD government's proposal to form a tribunal in the case and said records show it only delayed solution.
Nanda said it was a ploy of the BJP-led central government to help Chhattisgarh in carrying out 'illegal' construction work.
"The state government, in view of the interests of Odisha people, cannot go to the negotiation table unless Chhattisgarh stops construction work. Gadkari's request is just a part of a conspiracy hatched against Odisha," he asserted.
Uma Bharati, during her tenure as the water resources minister, had also categorically said that the Centre cannot ask Chhattisgarh to stop project work on Mahanadi, the BJD's Parliamentary Party leader Bharuhari Mahatab said in the Lok Sabha.
The Odisha unit of the BJP, however, welcomed Gadkari's proposal and accused the state's BJD government of politicising the issue.
"As a tribunal takes 20 to 30 years to resolve water disputes between states, it is better to solve the matter through discussion," BJP state vice-president Samir Mohanty said.
The opposition Congress, on its part, blamed both the BJD and the BJP for the dispute.
"The state government had initially allowed the Chhattisgarh government to initiate construction work on the Mahanadi. Now, they are opposing it...The BJP is also politicising the matter as the party is in power in Chhattisgarh," senior Congress leader Sarat Rout said.
Samajwadi Party's state unit president Rabi Behera today wrote to Gadkari, stressing on the need to create a congenial atmosphere for the discussions to happen.
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Monday mayhem: Sensex sinks 2,227 pts as trade war fears engulf global markets
Mumbai, Apr 7 (PTI): Stock markets crumbled on Monday with benchmark Sensex sinking by 2,226.79 points – its steepest single-day decline in 10 months – as a global market carnage following US President Donald Trump's tariff hikes and retaliation from China fanned fears of economic slowdown.
The 30-share BSE Sensex crashed 2,226.79 points or 2.95 per cent to settle at 73,137.90, recording its third day of decline. During the day, the index slumped 3,939.68 points or 5.22 per cent to 71,425.01.
The NSE Nifty tumbled 742.85 points or 3.24 per cent to settle at 22,161.60. Intra-day, the benchmark dropped 1,160.8 points or 5.06 per cent to 21,743.65.
All Sensex shares, except for Hindustan Unilever, ended with losses. Tata Steel fell the most by 7.33 per cent followed by Larsen & Toubro which cracked 5.78 per cent.
Tata Motors, Kotak Mahindra Bank, Mahindra & Mahindra, Infosys, Axis Bank, ICICI Bank, HCL Technologies and HDFC Bank were the other big laggards.
Hindustan Unilever ended marginally higher.
"The market tumbled as the carnage over high US tariffs and the retaliation by other countries may kickstart a trade war. Sectors like IT and metals have underperformed relative to the broader market due to the risk of high inflation with slower growth that may result in a potential recession in the US," Vinod Nair, Head of Research, Geojit Investments Limited, said.
As many as 3,515 stocks declined while 570 advanced and 140 remained unchanged on the BSE. Notably, 775 stocks hit their 52-week lows while 59 firms were at 52-week peaks on the BSE.
"After US markets plunged on Friday, it was writing on the wall for other global equity indices which fell like a pack of cards amid fears that Trump's policies on reciprocal tariffs may lead to recession and higher inflation in the US going ahead.
"Already, commodity prices of crude oil and several metals are seeing a downward slide, which is an indication of a slackening demand if the current trend persists," Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd, said.
In Asian markets, Hong Kong's Hang Seng index tanked more than 13 per cent, Tokyo's Nikkei 225 plunged nearly 8 per cent, Shanghai SSE Composite index dropped over 7 per cent and South Korea's Kospi sank over 5 per cent.
European markets too came under heavy selling pressure and were trading with up to 6 per cent decline.
US markets ended sharply lower on Friday. The S&P 500 dropped 5.97 per cent, Nasdaq composite slumped 5.82 per cent and the Dow tumbled 5.50 per cent on Friday.
On June 4 last year, the Sensex nosedived 4,389.73 points or 5.74 per cent to close at 72,079.05. In the day trade, the barometer tanked 6,234.35 points or 8.15 per cent to 70,234.43.
The Nifty ended at 21,884.50, a sharp decline of 1,379.40 points or 5.93 per cent on June 4, 2024. Intra-day it tumbled 1,982.45 points or 8.52 per cent to 21,281.45.
Sensex and Nifty had previously declined by over 13 per cent on March 23, 2020 when lockdown was imposed due to the COVID-19 pandemic.
On Monday, the BSE smallcap gauge cracked 4.13 per cent, and the midcap index tanked 3.46 per cent.
All BSE sectoral indices ended with deep cuts. Metal tumbled 6.22 per cent, realty dropped 5.69 per cent, commodities (4.68 per cent), industrials (4.57 per cent), consumer discretionary (3.79 per cent), auto (3.77 per cent), bankex (3.37 per cent), IT (2.92 per cent), teck (2.85 per cent) and BSE Focused IT (2.63 per cent).
"Though the overall impact on India may be limited when compared with other countries, investors are advised to play cautiously during this fray," Nair said.
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 3,483.98 crore on Friday, according to exchange data.
Global oil benchmark Brent crude dropped 3.61 per cent to USD 63.21 a barrel.
Last week, the Sensex tanked 2,050.23 points or 2.64 per cent, while the NSE Nifty declined 614.8 points or 2.61 per cent.
