Sensex sinks 642 points as crude oil woes persist
Mumbai, Sep 17: Market benchmark BSE Sensex on Tuesday plummeted 642 points as investors weighed India's fiscal worries due to soaring crude prices in the wake of growing geopolitical tensions in the Middle East.
After nose diving 704 points, the 30-share index ended 642.22 points, or 1.73 per cent, lower at 36,481.09. The broader NSE Nifty too settled 185.90 points, or 1.69 per cent, down at 10,817.60.
On the Sensex chart, losses were mainly driven by Hero MotoCorp, Tata Motors, Axis Bank, Tata Steel, Maruti and SBI falling as much as 6.19 per cent.
Of the 30 scrips of the BSE gauge, HUL, Asian Paints and Infosys were the three gainers.
Investors were spooked by geopolitical uncertainties over the Saudi oil turmoil amid reports that higher oil prices were likely to severely hit economic conditions in India, which imports more than 70 per cent of its oil needs, experts said.
The attack on the world's largest oil processing facility in Saudi Arabia has led to a record surge in global crude prices.
After soaring as much as 20 per cent to USD 71.95 per barrel on Monday, Brent crude futures corrected slightly to trade at USD 67.97 per barrel on Tuesday.
Higher import cost of oil could sharply worsen current account position, compress profit margins and raise inflation, a Nomura report said.
Tracking the movement in oil prices, the rupee further depreciated by 37 paise (intra-day) to trade at 71.97 per US dollar.
Market participants were also on edge awaiting cues from the upcoming trade talks between China and the US as well as a much-anticipated policy meeting of the Federal Reserve, scheduled to begin later in the day.
Elsewhere in Asia, Shanghai Composite Index and Hang Seng ended significantly lower, while Nikkei and Kospi settled in the green.
Stock exchanges in Europe were trading on a mixed note in their respective early sessions.
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Abduction case: JD(S) leader H D Revanna remanded to special probe team custody till May 8
Bengaluru, May 5: Senior JD(S) leader and party MLA H D Revanna was remanded to police custody till May 8 by a city court on Sunday in connection with a case of alleged kidnapping and illegal confining of a woman.
Revanna, who is the son of former Prime Minister and JD(S) patriarch H D Deve Gowda, was arrested on Saturday by a Special Investigation Team (SIT) after his bail plea was rejected in a case related to kidnapping and illegally confining a woman who is the mother of three children.
The FIR was registered against 66-year-old Revanna based on a complaint by the woman's son on Thursday.
After his medical examination at the Bowring and Lady Curzon Hospital here, the former minister was produced before the Additional Chief Metropolitan Magistrate, who remanded him to the custody of the SIT.
ALSO READ: SIT launches helpline for victims of Prajwal Revanna sex scandal, encourages filing complaint
The SIT was formed by the Karnataka government on the recommendation of the Karnataka State Commission for Women chief Nagalakshmi Chowdhary after a huge cache of explicit videos of Revanna's son, JD(S) MP from Hassan Prajwal Revanna became public.
Prajwal Revanna (33), who is the BJP-JD(S) Hassan Lok Sabha candidate, faces rape and molestation charges.
In the complaint of abduction against H D Revanna to the K R Nagar police, the 20-year-old son of the victim had alleged that the MLA's close aide Sathish Babanna had taken his mother away on a motorcycle on April 29, stating that JD(S) leader wanted to see her.
The complainant stated that Babanna told him that if his mother "opened her mouth before the police", she and her family members would be arrested.
Later, the 20-year-old complainant got to know from a friend and relative that his mother was among the women in the cache of videos that has gone public, and that it showed her being tied up and raped allegedly by Prajwal.
As he expressed fear that his mother was in danger, police arrested Sathish Babanna and secured the victim from a farmhouse.
There are three FIRs registered in connection the sexual abuse allegations, involving the father and son, in total.
In the first case in Holenarasipura, the cook and relative of the Revannas complained that H D Revanna and his son Prajwal had molested her.
In the second complaint at CID Bengaluru, a JD(S) leader accused Prajwal of raping her at gunpoint, videographing the incident and then blackmailing her.
The third complaint is against HD Revanna pertaining to the abduction and illegal detention of a woman.
Before being produced before the magistrate, Revanna claimed there is no evidence of his involvement in the case based on the complaint against him registered on May 2.
"There are no evidences pertaining to the May 2 complaint. It's a big political conspiracy... A conspiracy was hatched against me," Revanna told reporters at the Bowring and Lady Curzon Hospital, where he was taken for a medical checkup.
He also said that there is no stain in his 40 years of political career.
Prajwal is abroad and a blue corner notice has been issued against him, according to the Karnataka Home Minister Dr G Parameshwara.
A Blue Corner notice has been issued and Interpol's help is being taken to bring Prajwal back to India, the minister said.
A Blue Corner Notice is issued by the international police cooperation body to collect additional information from its member countries about a person's identity, location or activities in relation to a crime.
