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Market Declines as Auto Stocks Weigh Heavily

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The stock market concluded lower on Friday, primarily influenced by a decline in auto stocks. The Sensex dropped 425 points, or 0.56%, to close at 75,311.06, while the Nifty fell by 117.25 points, or 0.51%, landing at 22,795.90. By the end of trading, both indices had decreased by 0.65%, with the Sensex at 75,247.39 and the Nifty at 22,763.20 points.The Nifty reached a high of 22,921.0 before sliding to a low of 22,733.3, while the Sensex fluctuated between 75,748.72 and 75,175.97.

Among sectoral performances, only the Nifty Metal index was in positive territory. The Nifty Auto index suffered the most, plummeting by over 2%, while the Nifty Pharma, Healthcare, and PSU Bank indices also experienced declines exceeding 1%.

The drop in auto stocks was attributed to reports of Tesla entering the Indian market with its inaugural electric vehicle shipment. Additionally, the rating agency ICRA projected that revenue growth for the Indian auto component industry would moderate to 7-9% in FY2025 and 8-10% in FY2026, a decrease from the 14% growth seen in FY2024.

The Bank Nifty index saw a decline of more than 1%, with all 12 bank stocks listed under it trading in negative territory. Among the top losers, Kotak Mahindra Bank fell nearly 2%, followed by ICICI Bank. Other notable decliners included AU Small Finance Bank, Punjab National Bank, Bank of Baroda, and Federal Bank, all of which saw their share prices fall by over 1%.

The Nifty Midcap100 and Nifty Smallcap100 indices closed down by 1.32% and 0.70%, respectively. Leading the gainers on the Nifty were Hindalco Industries (up 2.31%), Tata Steel (up 1.97%), SBI Life Insurance Company (up 1.74%), Eicher Motors (up 1.51%), and Larsen & Toubro (up 1.20%). Conversely, the biggest losers included Mahindra & Mahindra (down 5.99%), Bharat Petroleum Corporation (down 2.82%), Adani Ports & Special Economic Zone (down 2.56%), Tata Motors (down 2.41%), and Wipro (down 2.22%).

Notably, Bharat Heavy Electricals witnessed a decline of over 1% for the third consecutive session, following a Rs 30 crore arbitration case against the company. Meanwhile, shares of JSW Energy surged by as much as 7.6%, marking its fourth consecutive session of gains, after Morgan Stanley reaffirmed its ‘overweight’ rating on the stock. Religare Enterprises saw a significant rise of over 9% after the Burman family acquired majority control, allowing them to be designated as ‘promoters.’

In the global markets, Wall Street closed lower, with the S&P 500 down 0.4%, the Nasdaq 100 decreasing by 0.5%, the Dow Jones falling by 1%, and the Russell 2000 dropping by 0.9%.

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A Historic Achievement: Amit Shah Applauds the Elimination of 31 Maoists in Major Anti-Naxal Operation

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Union Home Minister Amit Shah announced on Wednesday that 31 Maoists were killed during a 21-day anti-Naxal operation along the Chhattisgarh-Telangana border. He hailed this achievement as a “historic success” in the mission to create a Naxal-Free Bharat, commending the security forces for their efforts.

“The hill once dominated by red terror now proudly flies the Tricolour. Kurraguttalu Hill served as the Unified Headquarters for major Naxal organizations such as PLGA Battalion 1, DKSZC, TSC, and CRC, where Naxal training, strategies, and weapons were developed,” Shah stated in a post on X.

In the largest anti-Maoist operation to date, security forces seized substantial quantities of ammunition, detonators, and explosives, alongside significant stocks of medicines and electrical equipment. Four factories producing weapons, motors, and cutters were also uncovered.

Shah emphasized the central government’s commitment to completely eradicate Maoism by March next year. “This extensive operation was completed in just 21 days, and I am extremely pleased to report that not a single casualty occurred among our forces,” he remarked. He also congratulated the Central Reserve Police Force (CRPF), the Chhattisgarh Police’s Special Task Force, and the District Reserve Guard for their contributions to the operation.

CRPF Director General GP Singh stated that this operation signifies “the beginning of the end for Maoism,” noting that the 31 Maoists killed had a combined bounty of ₹1.72 crore, with 28 bodies identified thus far. “We have achieved more than we set out to do. This marks the beginning of the end, and we aim to eliminate Maoism by March 31, 2026,” he told reporters.

He also highlighted a significant reduction in Maoist-affected districts—from 35 in 2024 to just six this year. Nearly 1,000 Maoists surrendered in 2024, with 718 having done so this year alone. Last month, the Union Home Minister appealed to Maoists in Chhattisgarh and other states to abandon their arms and reintegrate into society.

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Supreme Court Pauses Hearing on Appeals Against Law Excluding CJI from Election Commissioners’ Selection Panel

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The Supreme Court has postponed the hearing on several petitions that contest the constitutional validity of the Chief Election Commissioner and Other Election Commissioners (Appointment, Conditions of Service and Term of Office) Act, 2023. This act notably removes the Chief Justice of India (CJI) from the selection panel responsible for appointing the Chief Election Commissioner (CEC) and other Election Commissioners.

A bench consisting of Justice Surya Kant and Justice Nongmeikapam Kotiswar Singh noted that the petitions could be scheduled for discussion next week, depending on the court’s calendar. Currently, the bench is engaged in a part-heard case before a three-judge panel set to convene on Thursday, May 15.

Justice Kant, while addressing Advocate Prashant Bhushan—who represents the NGO Association for Democratic Reforms (ADR)—expressed some concerns, stating, “We wish we could work 24 hours. After reading 50 files each night, how much energy is left to tackle this matter?” Bhushan had requested that the issue be discussed over two consecutive days (May 14 and 15).

The petitions, brought forth by ADR, Jaya Thakur (General Secretary of Madhya Pradesh Mahila Congress), Sanjay Narayanrao Meshram, and advocate Gopal Singh, challenge the exclusion of the CJI from the selection committee and question the legitimacy of Sections 7 and 8 of the 2023 Act.

Section 7 specifies that the CEC and other Election Commissioners are to be appointed by the President based on recommendations from a Selection Committee led by the Prime Minister, which includes the Leader of the Opposition in the Lok Sabha and a Union Cabinet Minister chosen by the Prime Minister.

Section 8 grants the Selection Committee the authority to establish its own procedures for the transparent selection of the CEC and Election Commissioners and allows the Committee to consider candidates not proposed by the Search Committee.

Petitioners argue that excluding the CJI from the selection process and replacing this role with a Prime Minister-nominated Union Cabinet Minister skews the appointment process in favor of the government, introducing potential partisan influences. They referenced the Supreme Court’s ruling on March 2, 2023, which stipulated that until Parliament enacts a law, the appointments of the CEC and ECs should be made by a committee that includes the Prime Minister, the Leader of the Opposition, and the CJI to ensure independence and impartiality.

The petitioners assert that the 2023 law undermines this judicial decision and threatens the integrity of the Election Commission. They emphasize that the exclusion of the CJI compromises the constitutional obligation for an independent Election Commission, which is crucial for guaranteeing free and fair elections—a fundamental aspect of the Constitution’s basic structure.

In 2023, the Supreme Court declined to put a hold on appointments made under the new Act but agreed to scrutinize its constitutional validity. Earlier, on January 12, 2024, a bench led by Justice Sanjiv Khanna (who later became Chief Justice and has since retired) issued a notice to the Central Government but refused to suspend the law’s implementation. Subsequently, on December 3, 2024, Chief Justice Khanna recused himself from hearing the challenge against the 2023 law.

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Hanle Dark Sky Reserve in Ladakh Pursues Global Accreditation; UT Chief Secretary Assesses Progress

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In a strategic initiative aimed at promoting global recognition for India’s inaugural Dark Sky Reserve in Hanle, Ladakh, Chief Secretary Dr. Pawan Kotwal has directed the Indian Institute of Astrophysics (IIA) to develop a comprehensive plan for securing international accreditation as soon as possible.

During a review of the Hanle Dark Sky Reserve’s progress and future plans, Dr. Kotwal raised concerns about nighttime lighting in army camp areas and instructed relevant authorities to work with defense stakeholders to address the issue.

Professor Annapurni Subramaniam, Director of the IIA, provided an in-depth presentation on current initiatives associated with the Hanle Dark Sky Reserve project. She discussed significant advancements since its launch, including the distribution of telescopes to selected villagers in Hanle, training them as astro-tourism guides, conducting outreach programs to elevate awareness about astro-tourism, developing an astro-tourism curriculum, and revitalizing astronomy labs in schools throughout Ladakh.

Prof. Subramaniam reported that approximately 28,000 tourists visited Hanle last year, indicative of a growing interest in astro-tourism. She underscored the necessity of introducing astronomy training programs for school students across the region to further enhance public engagement and scientific literacy.

Dr. Kotwal urged the IIA to recommend the formal introduction of the astro-tourism course after the current vetting process. He also tasked the Institute of Hotel Management and the University of Ladakh with developing a phased and structured course that integrates hospitality and astronomy.

Emphasizing the importance of practical implementation, the Chief Secretary instructed the Department of Tourism to conduct an on-site review in Hanle to assess progress and provide necessary support. He highlighted the need to train local residents in operating the telescopes installed in various locations across Ladakh to increase community involvement in the initiative.

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