Strange bedfellows

BJP hugs Congress, AIMIM; panics after uproar Thane : Eyebrows were singed and blood pressures spiked when the Bharatiya Janata Party suddenly decided to hug its “sworn enemies” in Ambernath (Thane), and in Akot (Akola) – after the December 20 municipal council polls there. The BJP became snug under its saffron blanket with the Congress and Ajit Pawar’s Nationalist Congress Party – all to politically leave the Mahayuti ally, Shiv Sena led by Deputy Chief Minister Eknath Shinde, out in the...

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BJP hugs Congress, AIMIM; panics after uproar Thane : Eyebrows were singed and blood pressures spiked when the Bharatiya Janata Party suddenly decided to hug its “sworn enemies” in Ambernath (Thane), and in Akot (Akola) – after the December 20 municipal council polls there. The BJP became snug under its saffron blanket with the Congress and Ajit Pawar’s Nationalist Congress Party – all to politically leave the Mahayuti ally, Shiv Sena led by Deputy Chief Minister Eknath Shinde, out in the cold. Similarly in Akot, the BJP cozied up under the All India Majlis-E-Ittehadul Muslimeen (AIMIM)'s green quilt, without a shred of guilt, to shoo off the Congress-Vanchit Bahujan Aghadi and others from bagging the civic body. In Ambernath, the Shiv Sena had emerged as the single-largest party with 27 seats in the 60-Ward house, and in Akot, the BJP achieved the same feat with 11 seats in the 35-Ward house. Predictably, leaders across these parties rushed to douze the hayfires. A shaken Congress state chief Harshwardhan Sapkal suspended local leaders in Ambernath, including the local party chief Pradeep Patil, the executive committee and around a dozen elected municipal councillors. A dazed AIMIM state chief Imtiaz Jaleel, declared there was “no question of joining hands with the BJP”, and added grimly: “We have sought a report from the local party leaders, and after getting all details, we shall initiate appropriate disciplinary action,” a grim Jaleel said. Smarting under red-hot chilli criticism flung by Shiv Sena (UBT)’s Sanjay Raut and Aam Aadmi Party’s Preeti Sharma-Menon, Chief Minister Devendra Fadnavis shot out an earful to the local party leaders in Ambernath and Akot. “We shall not tolerate the alliances with Congress and AIMIM. These partnerships must be broken. If the local (BJP) units have worked out such deals, they are wrong and violate norms. We shall take stringent action against them,” warned Fadnavis. Later, BJP State President Ravindra Chavan slapped a notice on the Akot party units seeking an explanation. Ideological Somersaults Since 2019, the state has witnessed many such brazen ideological somersaults that have left political parties and voters shocked and awed. It started when the (undivided) Shiv Sena joined the Congress and (united) NCP to form the Maharashtra Vikas Aghadi (MVA) which ruled the state for two-and-half years. In the current civic elections season, even the MVA has fractured with Congress going solo or with local allies like Prakash Ambedkar’s Vanchit Bahujan Aghadi, while the Shiv Sena (UBT) and NCP (SP) have embraced the once-untouchable MNS. Adding to this is the flurry of local leaders-activists hopping parties, leaving voters bemused and bewildered, even as the parties fumbled to save their ideological credibility. Ambernath: Shoving out the winner Indulging in political creativity, the BJP, Congress and NCP floated the Ambernath City Development Front, uniting the BJP, Congress and NCP, intended to keep the Shiv Sena out of power at all costs. Ambernath falls in the Kalyan Lok Sabha seat of Dr Shrikant Shinde, son of Deputy CM Eknath Shinde, who is already at loggerheads with BJP state chief Ravindra Chavan, hailing from Dombivali town, also in Thane district. BJP-Shiv Sena fought against each other in the civic polls last month. In the 59-member Ambernath Municipal Council, the Shiv Sena won 23 seats, BJP 16, Congress 12 and NCP four. BJP’s Tejashree Karanjule was elected president through direct polls. Post-alliance, the BJP-Congress-NCP touched 32 seats, edging out the Shiv Sena which in its undivided form had ruled here for almost 35 years. Akot: Bulldozing to grab power The BJP, AIMIM formed the Akot Vikas Manch, which included Shiv Sena, Shiv Sena (UBT), NCP and NCP (SP) and Prahar Janshakti Party to wrest the 35-member house from potential claimants. The BJP won 11 and AIMIM five, and along with others, the AVM claimed a majority with 25 municipal councillors, and the Congress, VBA floundered with just 8 seats. The AVM was formally registered with the SEC. In the polls, BJP’s Maya Dhule was elected mayor defeating AIMIM’s Firozabi S. Rana.

India bears the brunt: Nifty crashes 1,100, Sensex nosedives 3,900 points after US trade shock

Correspondent
Apr 7, 2025
2 min read

India woke up to a financial jolt this morning as its equity markets suffered their steepest fall in nearly a year, shaken by the ripple effects of US President Donald Trump’s aggressive new tariff regime. The Sensex plunged over 3,900 points at opening bell, while the Nifty tumbled more than 1,100 points, dragging Indian stocks to a 10-month low.

This sharp decline follows a global equity rout triggered by Trump's protectionist measures, which have sent panic waves across Asia and raised the spectre of a global recession. Investors dumped shares in a massive sell-off, with Indian benchmarks reacting sharply in early trade. The Sensex dropped to 71,425.01 — down 3,939.68 points — while Nifty slipped to 21,743.65, marking a 3.5% slide from the last session.

Adding to the pressure, the Indian rupee depreciated 30 paise to open at 85.74 against the US dollar.

India Among the Hardest Hit

Trump’s latest tariff hike — framed as a push to restore fairness to global trade — has imposed country-specific duties that go as high as 50%. India has been slapped with a 26% tariff, while a 10% baseline duty applies to all nations. This has set alarm bells ringing among Indian exporters and traders already struggling with global demand volatility.

President Trump, unfazed by the financial carnage, likened the move to a bitter but necessary cure. “Sometimes you need the medicine to fix something,” he told reporters earlier today.

Analysts Urge Economic Safeguards

Market experts believe that India's current market turmoil isn't rooted in domestic issues but is rather a consequence of being tightly woven into global investment flows.

“India will face the heat, not due to domestic reasons, but as an interlinked chain in the global portfolio flows,” said Ajay Bagga, a noted market expert. “India will need a fiscal, monetary, and reform package to protect the domestic economy from this global economic winter that is threatening to settle in.”

Sunil Gurjar, SEBI-registered research analyst, warned that the Nifty50 index has breached its first support level and is approaching the next. "A further breakdown could worsen the trend and accelerate the fall," he cautioned.

Asian Markets Bleed

The tremors from Trump's announcement were first felt in Asia, with key markets suffering steep losses. China's stock markets fell over 4% amid retaliatory tariffs of 34% against the US. Hong Kong's Hang Seng nosedived more than 10%, while Japan’s Nikkei index fell 6.5% after plunging 8% earlier in the day. Taiwan saw a near-10% collapse, and Singapore dropped over 8%.

Wall Street Braces for Impact

US markets, though yet to open, appear set for a rough start. Futures contracts on the New York Stock Exchange are sharply down, suggesting heavy losses once trading resumes.

Market sentiment globally has turned bearish, with fears of a looming recession taking hold. Stephen Innes of SPI Asset Management described the scene as “free-fall mode,” noting, “Trump’s team isn’t blinking. The tariffs are being treated as a victory lap, not a bargaining chip.”