Salman Khan is making headlines for his slate of upcoming projects. Apart from his films, fans have been waiting to catch his cameos in YRF’s Spy Universe. However, it looks like Salman won’t be making appearances in these films. 

The Sensex crashed over 1,000 points on Wednesday and went below the 73,000 level before making some recovery while the Nifty slid by over 1%. The smallcap and midcap indices fell the most, with the BSE smallcap index going down by over 5%.

While the Sensex closed 906 points down to settle at 72,761, the Nifty was down 338 points and closed three points short of 22,000.

Analysts have attributed the fall, which is coming at a time when the S&P500 had hit a record high, to liquidity overflowing and valuations in the smallcap and midcap indices being stretched.

Market expert Ambareesh Baliga said, “The valuations were expensive and the stocks continued to move up because of liquidity. People were making money so they were putting in more funds, because of which the stocks were going up. It was not because of valuation. But now, In the past week, we have seen that the regulators are worried about the valuations.”

“This has percolated down even to the mutual funds, who have started restricting fund flow into the small and midcap funds. I think that is what is playing out,” he added.

Mr Baliga said there has been a certain amount of correction, like the 5% drop in the smallcap index. This, he said, points to some of the smallcap stocks correcting between 20 and 40% in some cases.

“And I think that has created some amount of panic among those who had seen only profits till date in the past so many months. I think the first sign of huge losses has started causing panic. And when you have this panic, you stop investing further. So the liquidity, which was driving up the stocks, has started drying up. I think this could be just the beginning, we could see some more correction from here as the liquidity dries up further,” he warned.

The expert said retail investors should book their profits or losses and start moving into large-cap stocks, because they are more stable and the valuations are still not expensive. “Do not invest based on tips,” he said.

Bengal Chief Minister Mamata Banerjee has cut ties with her brother, Babun Banerjee, after he expressed displeasure over the Trinamool Congress re-nominating Prasun Banerjee (no relation) to contest the Howrah Lok Sabha seat in the forthcoming general election.

“My family and I renounce all relationship with Babun…” the fiery Ms Banerjee was quoted by news agency PTI.

“Before every election, he creates a problem. I don’t like greedy people and don’t believe in dynasty politics, so that I will give him a ticket in elections. I have decided to disown him and cut off all relationship with him,” the irascible Trinamool boss told reporters.

Hours earlier Babun Banerjee criticised the Trinamool for its selection of Prasun Banerjee, who is the sitting Howrah MP. “I am not happy with the selection of the candidate… (He) is not the right choice. Many capable candidates who were overlooked,” he said.

“I can never forget the insult Prasun hurled at me,” he declared, also offering himself as a candidate. And, in a sharp jab, he suggested he might even contest the seat as an independent option for the voters.

“I know didi (as Ms Banerjee is sometimes called) would not agree with me. But, if needed, I will contest as independent from Howrah Lok Sabha seat,” he said.

Prasun Banerjee is a three-time winner of the prestigious Howrah seat, which has been held by the Trinamool since Ambica Banerjee won it off the Communist Party in 2009.

Ms Banerjee’s move also comes amid speculation her brother could make a shock switch to rivals BJP, for whom the capture of an archrival’s family member will be a massive boost.

However, the Chief Minister’s brother has insisted talk of such a jump is unfounded.

“As long as Mamatadi is there, I will never quit and neither will I join any other party. Yes, as I am connected to sports I know many BJP leaders… who are also connected,” he said.

His re-assurances, though, were not sought by Ms Banerjee, who declared, “He can do whatever he wants to. The party stands by its official candidate – Prasun Banerjee.” 

This is far from the first time Ms Banerjee and her brother have squabbled.

In January 2022, during the pandemic, she reprimanded him publicly for “roaming around with a Covid case at home”. Bengal was then reporting a surge in infections with over 14,000 cases daily.

READ | Mamata Banerjee Disowns Brother Babun, But This Isn’t 1st Public Spat

The Trinamool this week announced candidates for all 42 Lok Sabha seats in the state, with Mahua Moitra – controversially suspended from Parliament – re-nominated from Krishnanagar and Ms Banerjee’s nephew, Abhishek, to defend his Diamond Harbour seat.

The ruling party is a member of the Congress-led INDIA bloc, which had hoped to broker a three-way seat-share deal, including with Left parties that Ms Banerjee sees as a fierce rival.

READ | “No Tie-Up With Congress”: Mamata’s Bengal Twist Stuns INDIA Bloc

Negotiations fell through in January, with a displeased Ms Banerjee and her party snapping ties with the Congress due to disagreements over seats demanded by the latter.

In February there were signs a deal could be salvaged, with the Congress reducing its ask to five seats.

READ | “Even With Binoculars…”: Trinamool Sources On Congress’ 5-Seat Demand

The Trinamool, though, would not budge from its offer of two – the only two the Congress won in 2019.

Ms Banerjee, seen by many as one of the BJP’s fiercest critics and biggest rival, underlined her belief that only her party could defeat the saffron outfit.

With input from agencies

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