‘Sounds heard, missiles visible’

Mumbaikars recall their encounter with the missile attacks in Middle East Govandi Muslim Youth Front stage protest condemning killing of Iran's Supreme Leader Ayatulla Khameni, at Govandi, in Mumbai, on Sunday. | Pic: Bhushan Koyande Mumbai: Dombivli resident Meghana Modak who flew to Dubai 15 days ago, as a tourist told ‘The Perfect Voice’ that she heard loud sounds and huge clouds of smoke in the air when she felt something was unusual. She was out for a casual walk on Saturday, but had to...

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Mumbaikars recall their encounter with the missile attacks in Middle East Govandi Muslim Youth Front stage protest condemning killing of Iran's Supreme Leader Ayatulla Khameni, at Govandi, in Mumbai, on Sunday. | Pic: Bhushan Koyande Mumbai: Dombivli resident Meghana Modak who flew to Dubai 15 days ago, as a tourist told ‘The Perfect Voice’ that she heard loud sounds and huge clouds of smoke in the air when she felt something was unusual. She was out for a casual walk on Saturday, but had to immediately rush home. She tuned in to news to find out about the US-Israel strikes on Iranian targets and Tehran's retaliatory missile and drone attacks across the Gulf. “Dubai was not their target. However, the intercepting action and the missiles that passed through could be seen and heard. We are at home. Normal routine is on. However, schools and colleges stay shut. We have been advised to go out only for the inevitable basic needs of groceries.” said Modak. Modak is in Dubai to spend some quality time with her son and his family. She is scheduled to fly back to Mumbai on Tuesday. However, the plan stands indefinitely cancelled till further notice. “The Dubai airport has been hit indefinitely. We do that know when we will be back”, said Modak. Less Scary Modak cited the situation was reasonably less scary in Dubai compared to other places in the Middle East considering Dubai was not the prime target. There are no panic-struck evacuations and or sudden rush towards bomb shelters reported. However, the falling of the missile debris is certainly creating difficult situations. “A building caught fire claiming a life because of this debris falling. People are not panicking because everyone has faith in the Dubai government that they will ensure the safety of the innocent civilians.” Modak is currently staying at Jebel Ali is a large commercial port and business hub on the southern outskirts of Dubai in the United Arab Emirates. There are about 4.3 – 4.36 million Indians living in the United Arab Emirates — making them the largest expatriate community in the country and roughly 35 – 38 per cent of the UAE’s total population. Dubai has the largest share of Indians within the UAE. From residents, to students to tourists, Indians account for a huge share in Dubai. While for some, situation is safe but a long uncertain wait till further course of action is clear, while some are under constant fear for life. Wait and Watch A Mumbai-based tourist anonymously told ‘The Perfect Voice’ , “My husband, my seven-year-old son and I left for a Dubai trip to have a break from our routine lives. We were in Abu Dhabi on Saturday. Soon after the conflict began, we were shifted to bomb shelters. On Sunday, we have reached Dubai. It’s wait and watch till we get further update. The recreation trip has taken a stressful turn.” Tour operators are finding it tough to plan the evacuations of tourists who are currently stranded in Dubai due to airspace closure. Mumbai-based Shashank Abhyankar, the tour manager of Rajguru Travels, said, “I am just back from a tour last week. Our group of 25 Mumbaikars is in Dubai right now. Another tour manager is with them. They were supposed to visit gold market, Bhurj Khalifa, Baps Temple on Saturday and Sunday. However, everything is shut. They are scheduled to checkout from hotel on Monday 12 pm and fly back on an Indigo flight to Mumbai. The airline has intimated that the flight stands cancelled.” While airports are flooded with stranded passengers, it is an uphill task for tour operators to bring tourists back. “Safety is not a concern in Dubai. The biggest concern is, how to get people back. Stretching the stay would mean additional cost and even if we bear the cost availability of accommodation is also a concern. We are reaching out to people who are living there since many years for some solution. We have full faith in Indian government that they will do all they can to get Indians back. However, what will they do till the airspace is closed?” cited Abhyankar.

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.”