musta((id-e qatl-e yak-((aalam hai jallaad-e falak
kahkashaa;N mauj-e shafaq me;N te;G-e ;xuu;N-aashaam hai
1) he is prepared for the slaughter of a whole-world, the Executioner of the sky/sphere
2) the Milky Way, in the wave of sunset-redness, is a blood-drinking sword
musta((id : 'Ready, prepared; prompt; on the alert, on the qui vive; on the point (of)'. (Platts p.1032)
falak : 'The celestial sphere, the vault of heaven, the firmament; heaven; sky; sphere; fortune, fate'. (Platts p.783)
kah-kashaan : 'The milky-way, galaxy'. (Platts p.808)
aashaam : 'Drinking, drinker (used in comp.)'. (Platts p.55)
In this verse the harm to the meaning is that the shafaq shows itself for some time before the sun has gone down and before the sun rises; and the Milky Way is visible after it has become dark. Now, consider the verse meaningless or meaningful, as you like.
The poet has shown that in the world there is equipment for the torment of humanity in every direction. The 'Executioner of the sky' is a name for the planet Mars. The 'Executioner of the sky' is ready to slaughter the whole world. At the convergence of day and night, it sometimes happens that the light red color of twilight is present, and the Milky Way too is very dimly seen. Looking at this scene, the poet has said that the Milky Way is like a blood-drinking sword.... The bringing together of 'Milky Way' and 'twilight-redness' is not proper/suitable [munaasib].
For more on Ghalib's unpublished verses, see the discussion in {4,8x}. See also the overview index.
On the nature of constructions with yak , see {11,1}.
The behavior of the sky looks pretty ominous. But the next verse, {376x,5}, makes it clear that we really don't have that much to lose.
Asi:
The Executioner of the sky-- that is, the sky itself-- is prepared for and bent upon the slaughter of a whole world. The Milky Way, hidden in the twilight-redness, ought to be understood as a blood-drinking sword that has been drawn in order to shed the blood of the world. 'Executioner of the sky' is also used for the planet Mars. But here the reference is not to Mars.
== Asi, p. 294