Sensex tumbles 645 pts on global sell-off, rising US bond yields; FMCG, IT shares major losers
Mumbai, May 22 (PTI): Benchmark Sensex declined by nearly 645 points while Nifty retreated to 24,600 level due to selling in IT, oil and FMCG shares amid a global equity rout triggered by surging bond yields and US debt concerns.
The 30-share BSE Sensex tanked 644.64 points or 0.79 per cent to settle at 80,951.99 with 27 of its constituents ending lower. The index opened lower and tanked further 1,106.71 points or 1.35 per cent to hit a low of 80,489.92 during the day due to across-the-board selling.
The NSE Nifty tumbled 203.75 points or 0.82 per cent to 24,609.70.
From the Sensex firms, Mahindra & Mahindra, Bajaj Finserv, Tech Mahindra, Power Grid, ITC, Hindustan Unilever, Reliance Industries and Maruti were the biggest laggards.
IndusInd Bank, Bharti Airtel and UltraTech Cement were the gainers.
"The key benchmark indices witnessed declines amid US fiscal concerns that the proposed budget bill could significantly increase the national debt, pushing US treasury yields higher due to tepid long-term bond demand. Adding to the pressure, a major credit rating agency’s downgrade of the US credit outlook sparked broad-based selloffs across Asian markets," Vinod Nair, Head of Research, Geojit Investments Limited, said.
US bond yields breached the 5 per cent mark while Japanese bond yields surged to 3.5 per cent which prompted sell-off in riskier assets and emerging markets like India.
"Indian equities followed their global counterparts and witnessed major sell-off after a sharp spike in US and Japanese bond yields made investors risk averse towards equities," Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd, said.
The BSE midcap gauge declined 0.33 per cent while smallcap index went up by 0.17 per cent.
Among sectoral indices, energy dropped the most by 1.25 per cent, followed by FMCG (1.25 per cent), BSE Focused IT (1.19 per cent), oil & gas (1.13 per cent), IT (1.09 per cent) and auto (0.87 per cent).
Telecommunication and services were the gainers.
As many as 2,178 stocks declined while 1,741 advanced and 167 remained unchanged on the BSE.
In Asian markets, South Korea's Kospi, Japan's Nikkei 225 index, Shanghai's SSE Composite index and Hong Kong's Hang Seng settled lower. Markets in Europe were trading in the negative territory.
US markets ended sharply lower on Wednesday.
Global oil benchmark Brent crude declined 1.37 per cent to USD 64.02 a barrel.
Foreign Institutional Investors (FIIs) turned buyers on Wednesday after a day's breather. They bought equities worth Rs 2,201.79 crore, according to exchange data.
The BSE benchmark jumped 410.19 points or 0.51 per cent to settle at 81,596.63 on Wednesday. The Nifty climbed 129.55 points or 0.52 per cent to 24,813.45.
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Actress sexual assault: Court says Prosecution 'miserably' failed to prove conspiracy against Dileep
Kochi (PTI): The prosecution had "miserably" failed to prove the conspiracy charge against Dileep in the sensational 2017 actress sexual assault case, a local court has observed while citing inconsistencies and lack of sufficient evidence against the Malayalam star.
The full judgement of Ernakulam District and Principal Sessions Court Judge Honey M Varghese was released late on Friday, and has revealed the judge also pointing out at unsustainable arguments put forth by the prosecution.
"The prosecution miserably failed to prove the conspiracy between accused No.1 (Pulsar Suni) and accused No.8 (Dileep) in executing the offence against the victim," the court held.
It examined in detail, the prosecution's allegation that Dileep had hired the prime accused to sexually assault the survivor and record visuals, including close-up footage of a gold ring she was wearing, to establish her identity.
On page 1130 of the judgment, under paragraph 703, the court framed the issue as whether the prosecution's contention that NS Sunil (Pulsar Suni) recorded visuals of the gold ring worn by the victim at the time of the occurrence, so as to clearly disclose her identity, was sustainable.
The prosecution contended Dileep and Suni had planned the recording so that the actress' identity would be unmistakable, with the video of the gold ring intended to convince Dileep that the visuals were genuine.
However, the court noted that this contention was not stated in the first charge sheet and was introduced only in the second one.
As part of this claim, a gold ring was seized after the victim produced it before the police.
The court observed that multiple statements of the victim were recorded from February 18, 2017, following the incident, and that she first raised allegations against Dileep only on June 3, 2017.
Even on that day, nothing was mentioned about filming of the ring as claimed by the prosecution, the court said.
The prosecution failed to explain why the victim did not disclose this fact at the earliest available opportunities.
It further noted that although the victim had viewed the sexual assault visuals twice, she did not mention any specific recording of the gold ring on those occasions, which remained unexplained.
The court also examined the approvers' statements.
One approver told the magistrate that Dileep had instructed Pulsar Suni to record the victim's wedding ring.
The court observed that no such wedding ring was available with her at that time.
During the trial, the approver changed his version, the court said.
The Special Public Prosecutor put a leading question to the approver on whether Dileep had instructed the recording of the ring, after which he deposed that the instruction was to record it to prove the victim's identity.
The court observed that the approver changed his account to corroborate the victim's evidence.
When the same question was put to another approver, he repeated the claim during the trial but admitted he had never stated this fact before the investigating officer.
The court noted that the second approver even went to the extent of claiming Dileep had instructed the execution of the crime as the victim's engagement was over.
This showed that the evidence of the second approver regarding the shooting of the ring was untrue, as her engagement had taken place after the crime.
The court further observed that the visuals themselves clearly revealed the victim's identity and that there was no need to capture images of the ring to establish identity.
In paragraph 887, the court examined the alleged motive behind the crime and noted that in the first charge sheet, the prosecution had claimed that accused persons 1 to 6 had kidnapped the victim with the common intention of capturing nude visuals to extort money by threatening to circulate them and there was no mention about Dileep's role in it.
The court also rejected the prosecution's claim that the accused had been planning the assault on Dileep's instructions since 2013, noting that the allegation was not supported by reliable evidence.
It similarly ruled out the claim that Suni attempted to sexually assault the victim in Goa in January 2017, stating that witness statements showed no such misconduct when he served as the driver of the vehicle used by the actress there.
The court also discussed various controversies that followed Dileep's arrest and the evidence relied upon by the prosecution, ultimately finding that the case had not been proved.
Pronouning its verdict on the sensational case on December 8, the court acquitted Dileep and three others.
Later, the court sentenced six accused, including the prime accused Suni, to 20 years' rigorous imprisonment.
The assault on the multilingual actress, after the accused allegedly forced their way into her car and held it under their control for two hours on February 17, 2017, had shocked Kerala.
Pulsar Suni sexually assaulted the actress and video recorded the act with the help of the other convicted persons in the moving car.
