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.
Let the Truth be known. If you read VB and like VB, please be a VB Supporter and Help us deliver the Truth to one and all.
Bhatkal: New Shams School pays tribute to SM Syed Khalil
Bhatkal: The management and students of New Shams School gathered during their morning assembly on Saturday to mourn the demise of SM Syed Khalil, a prominent NRI businessman and a guiding force for the school.
Addressing the assembly, Education Board member Moulana Ziya Ruknuddin reflected on Syed Khalil’s remarkable life journey. He highlighted how Khalil, born under challenging circumstances following his father’s death before his birth, overcame significant obstacles to achieve great success.
“Khalil’s life is an inspiration for all of us,” Maulana Ruknuddin said, urging students to draw lessons from his resilience, dedication, and humility. He also emphasized Khalil’s commitment to supporting education and his role in uplifting the people of Bhatkal.
Moulana Ziya further acknowledged Khalil’s contributions to the school, noting his instrumental role in constructing the new campus of New Shams School. He described Khalil as a mentor and guide who was always available to offer his support and vision for the betterment of the institution.
Principal Liyaquat Ali and Board Secretary Syed Qutub Barmawar also attended the ceremony, along with teachers and other staff members, as they joined the students in paying tribute to the beloved community leader.
