The Chamber of Trade and Industry (CTI), an apex organisation representing traders and entrepreneurs in Delhi, on Wednesday wrote an open letter to the Leader of Opposition in the Lok Sabha, Rahul Gandhi, seeking a 20-minute meeting with him to discuss the Congress-led INDIA bloc’s November 1 rally at Ramlila Maidan.

In the letter, CTI Chairman Brijesh Goyal made a proposal involving 20 representatives from 20 major wholesale markets located near Ramlila Maidan, asking Rahul Gandhi to spare 20 minutes for a discussion on the potential impact of the rally on business activities in the national capital.

The CTI has proposed that if Rahul Gandhi can convince the traders during the meeting that the proposed mega rally, expected to draw one million people, would boost business and expand their customer base, the organisation would immediately withdraw its opposition and welcome the event.

However, if the traders convince Rahul Gandhi that the rally would adversely affect business in the 20 major markets surrounding Ramlila Maidan, he should postpone it until after Diwali in the public interest.

“We want dialogue, not a fight,” Goyal said.

He added that Rahul Gandhi often speaks about listening to everyone, including small traders, and that the proposed meeting would provide an opportunity to hear their concerns.

“Rahul Gandhi himself says that he listens to everyone and hears the voices of small traders. So, we, the traders from 20 markets, are asking him for 20 minutes. This would be the beauty of democracy,” Goyal said.

According to the CTI, the 20 markets fall within a radius of one to five kilometres of Ramlila Maidan and could face disruptions on the day of the rally.

The markets include Chandni Chowk, Bhagirath Palace, Khari Baoli, Sadar Bazaar, Chawri Bazaar, Kashmere Gate, Nabi Karim, Karol Bagh, Ajmeri Gate, Daryaganj, Nai Sadak, Kinari Bazaar, Dariba Kalan, Fatehpuri, Naya Bazaar, Filmistan, Paharganj, Gaffar Market, Jama Masjid-Meena Bazaar and Lajpat Rai Market.

These markets represent a wide range of businesses, including wholesale electronics, electrical goods, spices, dry fruits, garments, jewellery, books, stationery, machinery, auto parts, furniture, timber, mobile phones, crockery and grocery items.

The CTI said the rally could affect traders’ business operations due to the anticipated crowd, traffic restrictions and possible diversions in the surrounding areas.

In its letter, the organisation also referred to Rahul Gandhi’s message of promoting love and harmony, saying traders respected his efforts but were concerned about the potential impact of the rally during the festive season.

“Rahul ji, you open a shop of love in the market of hatred, we respect you, but do not close the shop of love in the market of Diwali. We are the traders who are the true face of your shop of love,” the letter stated.

The CTI expressed hope that Rahul Gandhi would accept its request for a 20-minute meeting to discuss the November 1 rally and its possible consequences for traders in Delhi’s major commercial hubs.

The Indian equity markets posted sharp losses early on Wednesday as elevated crude prices and the upcoming US Fed’s policy decision kept investors cautious.

As of 9.23 am, Sensex declined 684 points, or 0.93 per cent, to reach 72,914 and Nifty lost 167 points, or 0.74 per cent, to reach 22,581.

Main broad-cap indices showed divergence with the benchmark indices, as the Nifty Midcap 100 declined 0.39 per cent, and the Nifty Smallcap 100 gained 0.06 per cent.

All sectoral indices on NSE traded in red, except Nifty auto, which rose 0.36 per cent. Nifty IT and FMCG were among top losers, down 3.2 per cent and 1.63 per cent, respectively.

Investors will track the US Federal Reserve’s policy decision and quarterly earnings, which could influence market direction and volatility through the session, analysts said.

In the previous session, Nifty closed at 22,749, down 0.02 per cent, after an early recovery was capped by profit booking. Immediate support is placed at 22,500–22,550, while resistance is seen at 22,850–22,900.

In the previous session, Bank Nifty closed at 53,974, down 0.72 per cent. Immediate support is placed at 53,800–54,000, while resistance is seen at 54,600–54,800.

In the Asian markets, China’s Shanghai index added 0.87 per cent, and Shenzhen gained 2.19 per cent, Japan’s Nikkei added 1.26 per cent, and Hong Kong’s Hang Seng Index advanced 0.38 per cent. South Korea’s Kospi added 6.2 per cent.

The US markets ended in green overnight as Nasdaq added 1.18 per cent, S&P 500 gained 0.6 per cent, and the Dow Jones inched up 0.03 per cent.

On October 27, foreign institutional investors (FIIs) net bought equities worth Rs 4,240 crore, while domestic institutional investors (DIIs) sold equities worth Rs 1,250 crore.

Global oil prices rose on Wednesday after Saudi Arabia’s largest oil refinery was reportedly hit with a missile by Yemen’s Iran-aligned Houthis.

Brent crude futures for December delivery gained $1.55, or 1.36 per cent, to $115.43 a barrel, while US West Texas Intermediate crude rose 1.43 per cent to $101.32 a barrel.

Houthis said they targeted the oil refinery reviving concerns over crude supply risks in the Middle East despite recent diplomatic efforts that had eased market worries.

Saudi authorities did not confirm the strike on the 5.5 lakh barrel per day facility. The price surge reversed part of the previous session’s losses, when oil fell nearly $2 a barrel as talks in the Middle East helped calm concerns about potential supply disruptions despite expectations of a rise in US crude inventories.

A diplomatic meeting in Tehran saw representatives from Saudi Arabia, Turkey and Pakistan in talks with Iranian officials to defuse regional tensions, according to reports.

All four countries reportedly agreed to continue dialogue to strengthen cooperation on peace and security.

Meanwhile, OPEC+ producers are expected to leave December output targets unchanged at a meeting on Sunday, according to multiple reports. Output from most of the group’s seven core producers, including Saudi Arabia, Russia and Iraq, remains below their output targets.

Saudi Arabia is the world’s second-largest crude producer and biggest oil exporter.

The West Asian conflict has placed pressure on the Strait of Hormuz which is a vital maritime bottleneck that handled about 20 per cent of global energy shipments prior to hostilities in February.

Energy markets remained on edge after Iranian attacks on oil tankers near the strait pushed Brent past $117 a barrel last week, its highest since April. Brent briefly retested $117 on Monday before settling lower.