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By:

Abhijit Mulye

21 August 2024 at 11:29:11 am

Questions on MVA unity rises

Mumbai: Cracks have surfaced within the Maha Vikas Aghadi (MVA) after the Shiv Sena UBT announced the nomination of former leader of opposition Ambadas Danve for the Maharashtra Legislative Council elections slated for May 12. Congress has announced that it will field its nominee in the elections, especially after Shiv Sena UBT president Uddhav Thackeray opted out of the polls after his present term in the Upper House ends on May 13. The Maharashtra Pradesh Congress Committee president...

Questions on MVA unity rises

Mumbai: Cracks have surfaced within the Maha Vikas Aghadi (MVA) after the Shiv Sena UBT announced the nomination of former leader of opposition Ambadas Danve for the Maharashtra Legislative Council elections slated for May 12. Congress has announced that it will field its nominee in the elections, especially after Shiv Sena UBT president Uddhav Thackeray opted out of the polls after his present term in the Upper House ends on May 13. The Maharashtra Pradesh Congress Committee president Harshwardhan Sapkal announced that the party will field its candidate in the state council elections, expressing serious displeasure over Shiv Sena UBT’s move to nominate Ambadas Danve and not Uddhav Thackeray. Sapkal and State Congress Legislature Party leader Vijay Wadettiwar last week declared that the party will support Uddhav Thackeray in the state council elections and will not put up its own nominee. However, both had hinted that if Uddhav Thackeray decides to opt out, the Congress will enter the electoral fray. For the election of nine seats, the quota is 29 votes. The present strength of MVA is 46, comprising Shiv Sena UBT 20, Congress 16 and NCP SP 10. The last date for filing nominations is April 30. Sapkal last week met Uddhav Thackeray while extending the Congress party’s support to him. Sapkal firmly endorsed Uddhav Thackeray as the key face of the Maha Vikas Aghadi (MVA) alliance, stating that the alliance will move forward only with him at the forefront. Following a recent meeting, Sapkal emphasised that if Thackeray contests the Legislative Council election, it would be welcomed. Sapkal declared that Uddhav Thackeray is the undisputed face of the Maha Vikas Aghadi in Maharashtra. He stated that it is a point of joy if Thackeray goes to the legislative council, stressing that the alliance will move forward only if he is leading it. Earlier, the BJP had already announced five nominees, while Shiv Sena has yet to declare its candidates. The NCP held a core committee meeting chaired by Deputy CM Sunetra Pawar on Wednesday morning and shortlisted some names. The party is expected to announce its nominee late Wednesday evening. Observers said that if the Congress decides to stick to its stand, the Shiv Sena UBT and NCP SP will have to strive to keep their respective legislators together to avoid cross-voting.

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



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.”

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