In Indian markets, the Sensex and Nifty indices initially surged to record highs during early trading. However, this positive momentum quickly reversed, with both indices experiencing a sell-off. The Nifty ended the day below the 25,400 mark, influenced by declines in it stocks. The Union Cabinet makes a push for simultaneous elections by accepting the proposals tabled by a high-level committee led by former president Ramnath Kovind. The first phase of assembly elections in Jammu and Kashmir saw a brisk polling in 24 constituencies with no major incidents of violence reported amidst tight.
US Fed meeting LIVE: Dow Jones slips, other US indices flat as traders await the quantum of Fed rate cut
Contrary to fears of a likely recession in the US, the latest retail sales data showed strong consumer spending ahead of the Federal Reserve’s policy meeting, which ends today (September 18). Interestingly, the 2007 rate cutting cycle too began on the same day, three months before the Great Recession.
US retail sales rose by 0.1% in August, defying economists’ expectations of a 0.2% decline. Excluding auto sales, retail sales rose 0.1%, slightly short of the 0.2% growth forecast.
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IT stocks drag Nifty 50, Sensex as Fed rate decision looms
The benchmark Nifty 50 and Sensex indexes edged lower on Wednesday, dragged by losses in the information technology stocks as investors booked profit ahead of the Federal Reserve’s interest rate decision later in the day.While the US central bank is widely expected to cut rates after the end of its two-day monetary policy meeting tonight, the magnitude of the cut, whether it will be 25 basis points or 50 basis points, remains uncertain.
After reaching record highs during the day, both the Nifty and Sensex pared gains. The Sensex dropped 131 points to close at 82,948, while the Nifty fell 41 points to end at 25,376. The midcap index also declined, losing 428 points to settle at 59,753.
Hezbollah vows to punish Israel after pager blasts kill 11, injure thousands across Lebanon
Militant group Hezbollah promised to retaliate against Israel after accusing it of detonating pagers across Lebanon on Tuesday (September 18), killing 11 people and wounding nearly 3,000 others who included fighters and Iran’s envoy to Beirut.
Lebanese Information Minister Ziad Makary condemned the late-afternoon detonation of the pagers – handheld devices that Hezbollah and others in Lebanon use to send messages – as an “Israeli aggression”. Hezbollah said Israel would receive “its fair punishment” for the blasts.
PM Modi’s US visit: From Quad Summit to bilateral talks, know the full itinerary
Prime Minister Narendra Modi is all set to visit the US where he will take part in the fourth Quad Leaders’ Summit in Wilmington, Delaware, from September 21 to 23.Hosted by US President Joe Biden, the Summit involves India, Japan, Australia and the US.
At the Quad Summit, the Prime Minister and other leaders will review the progress achieved by the Quad in the last year and further set the agenda for the year ahead to support the countries of the Indo-Pacific region to meet their development goals and aspirations, the Ministry of External Affairs (MEA) said.
Zee Entertainment will contest ₹8,000 crore claims made by Star India; Shares fall
Zee Entertainment Enterprises Ltd. on Wednesday (September 18) informed the stock exchanges that it will strongly contest all unfounded claims by Disney-owned Star India and reserves all its rights.
Star India has filed for damages quantified at $940 million (or nearly ₹8,000 crore) from Zee.
The media company has categorically refuted all claims and assertions made by Star India including its claims for damages. “The arbitration is at its initial stage and the LCIA Arbitral Tribunal is yet to determine if the company is liable in any manner,” it said.
One Nation One Election: Union Cabinet clears proposal for simultaneous polls; local bodies to vote within 100 days
The Union Cabinet on Wednesday (September 18) unanimously approved the One Nation One Election proposal paving the way for the simultaneous Lok Sabha and state assembly polls. The Cabinet has accepted the report submitted by the panel headed by former President Ram Nath Kovind.
The Bill is likely to be introduced in the Parliament in the upcoming winter session.
Union Minister Ashwani Vaishnaw said a large number of parties have supported simultaneous polls. “We will seek to create a consensus over the next few months, ” Vaishnaw.
Jammu & Kashmir 1st Phase Voting: 58.85% polling recorded till 7:30 pm
The voting for the first phase of the Jammu and Kashmir Assembly election is underway on Wednesday (September 18). Over 23 lakh voters will decide the fate of 219 candidates, including 90 independents, who are running for 24 assembly segments — eight in three districts of Jammu region and 16 in four districts of Kashmir valley.
This is the first assembly elections in Jammu and Kashmir since the abrogation of Article 370 in August 2019.
India serves notice to Pakistan seeking review of Indus Water Treaty
India has served a formal notice to Pakistan seeking a modification to the Indus Water Treaty, signed on September 19, 1960. In its notice, India stated that it was not feasible to maintain the same treaty in today’s scenario and needed to be reassessed, News18 quoted government sources as saying.
The notice highlighted that a one-sided water treaty had been there since the two countries signed it in 1960, adding that various articles of the treaty needed assessment.
Chandrayaan-4 mission receives green light to send astronauts to Moon for first time
The Union Cabinet, led by Prime Minister Narendra Modi, has greenlit the Chandrayaan-4 mission, an initiative aimed at advancing India’s space exploration capabilities. This mission is set to develop and demonstrate essential technologies for a successful lunar landing, the collection of moon samples, and their safe return to Earth.
Union Minister Ashwini Vaishnaw announced the approval of several significant space missions, including the Chandrayaan-4 project.
The cabinet has also approved the Venus Orbiter Mission, a major milestone in India’s space exploration. The mission, spearheaded by the Department of Space, will involve deploying a scientific spacecraft into Venus’s orbit to study the planet’s atmosphere, surface, and geological activity.
India’s richest and poorest states
The per capita income in the five large southern states — Karnataka, Andhra Pradesh, Telangana, Kerala and Tamil Nadu — was less than the national average in 1991. However, since the historic liberalisation, these five states have grown by leaps and bounds.
However, not all of them count among the richest states in India, by per capita income. These are the five richest states in India, according to a report from the Prime Minister’s Economic Advisory Council (PMEAC).
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