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Gold ETFs Plunge, GST Cut On Mobiles Likely, Large-Cap Blue Chips Slump

Indian benchmark indices traded lower as crude oil volatility, global macroeconomic factors, and US Federal Reserve interest rate concerns weighed on market sentiment, pulling the Nifty 50 below the 24,100 level. Broad-based selling erased 49 lakh crore rupees in market capitalisation from peak levels across 47 Nifty 50 stocks, with major drags including Tata Consultancy Services, Reliance Industries, Infosys, and HDFC Bank. HDFC Bank shares dropped after Managing Director and CEO Sashidhar Jagdishan announced he will step down in October without seeking reappointment. Commodity markets saw gold and silver exchange-traded funds decline up to 4% due to profit-taking and US rate trajectories. In policy developments, the central government notified the Semicon 2.0 scheme with a 1.27 lakh crore rupee capital outlay to bolster semiconductor design and manufacturing. Additionally, the GST Council is set to review a proposal to reduce the Goods and Services Tax on mobile phones from 18% to 5% at its September 12 meeting following a drop in quarterly smartphone shipments.

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Priyanka Gandhi Slams CEC Gyanesh Kumar, Demands Resignation Over BJP Ticket Claim

Congress MP Priyanka Gandhi Vadra has demanded the resignation of Chief Election Commissioner Gyanesh Kumar following allegations by former Kerala Chief Secretary Jiji Thomson. Thomson claimed that in 2016, Gyanesh Kumar advised him during a flight to contest the 2019 Lok Sabha elections on a BJP ticket, win, and become a minister. Speaking on the revelations, Priyanka Gandhi termed the alleged action illegal, unconstitutional, and unethical, questioning how individuals actively propagating party leanings can oversee fair elections. The controversy comes amid wider opposition scrutiny and ongoing friction within the Election Commission, with Congress leaders warning that protests demanding the poll chief's resignation will escalate in the coming weeks.

Opposition Meets Over EC Row, Targeted ED Action & INDIA Bloc Strategy Ahead Of Sep 30 Meet

Opposition parties are intensifying coordination to forge a united front against the Election Commission and central agencies. CPM General Secretary M.A. Baby met AAP National Convener Arvind Kejriwal in New Delhi to discuss a joint struggle, inviting him to participate in party programmes in Kerala. The discussions focused on allegations of authoritarian functioning within the poll body, targeting of opposition leaders, and central agency actions against political figures including Kerala Chief Minister Pinarayi Vijayan, Arvind Kejriwal, and Manish Sisodia. The coordination comes ahead of a key INDIA bloc meeting scheduled for 30 September, where opposition leaders plan to outline a common strategy to challenge the central government and the election watchdog.

LPU Vandalism, Suicide-Rape Claims, National Highway Blocked by Students

Lovely Professional University students went on a rampage in Phagwara, causing extensive violence, arson, and vandalism across campus facilities, including the on-campus mall. The student unrest was sparked by serious allegations concerning suicide and rape, which university authorities rejected as fake news and rumours. Angered by the administration's stance, students blocked the national highway and demanded strict action and justice. Police personnel from neighbouring districts such as Hoshiarpur and Jalandhar were deployed alongside senior officers, including the SSP, to bring the situation under control as cleanup operations commenced.

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CEC Under Fire, Hindu Outfits Back SIR Drive, Oppn Demands Impeachment

A political standoff has intensified around the Chief Election Commissioner following an Indian Express report alleging internal objections and the centralisation of powers within the Election Commission. While opposition parties including the Congress have accused the CEC of treasonous conduct and initiated impeachment proceedings over the Special Intensive Revision exercise, Hindu organisations and members of the Vaishya community held a protest march near Birla Mandir in Delhi. Backing the CEC and seeking a Bharat Ratna for him, groups led by Jai Bhagwan Goyal maintained that the revision was conducted for the good of the nation to exclude illegal immigrants, highlighting sharp divisions between the opposition and supporters.