NCB drugs case: Special Court rejects bail plea of Aryan Khan, 2 others (Ld)

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Mumbai, Oct 20 | In a huge jolt, a Mumbai Special NDPS Court on Wednesday rejected the bail plea of Aryan Khan — the son of Bollywood superstar Shah Rukh Khan — and two others, in the rave party raid case aboard a cruise ship on October 2.

The court also declined the bail applications of Arbaaz Merchant and Munmun Dhamecha, the two accused in the drug case lodged by Narcotics Control Bureau (NCB).

Khan’s lawyer said that though the detailed order of Special Judge V.V. Patil is awaited, “they plan to appeal to the Bombay High Court today or tomorrow seeking bail”.

Khan, Merchant and Dhamecha, along with five others were detained on October 2, and placed under arrest on October 3 after the NCB raid on the ship preparing to sail for a Mumbai-Goa cruise.

Initially, the Additional Chief Metropolitan Magistrate R.M. Nerlikar had sent them to a day’s custody which was later extended till October 7, and later sent to judicial custody for 14 days, and transferred the case to the Special NDPS Court.

Later, their lawyers moved the Special Court for bail which was rejected after several days of hearing in which the NDPS’ counsel Additional Solicitor-General Anil Singh vehemently opposed bail for the accused.

Among other things, the NDPS accused Aryan of being a regular consumer of drugs, dealing in narcotics with international links, etc., which was opposed by his teams of lawyers, and the other co-accused.

A total of 20 persons, including a foreigner, have been arrested in the sensational cruise ship raid.

Source: IANS

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Share Market Closing Bell: Nifty ends below 16,100, Sensex falls 303 pts

Share Market Closing Bell: Nifty ends below 16,100, Sensex falls 303 pts

Dalal Street found no relief with incessant sell off during the month. Nifty traded on a bearish note and ended at 16025.80 with loss of 99.35 points or 0.62 percent following weak global cues on Wednesday. While Banknifty closed at 34339.50 on the higher side with marginal gain of 49.35 points.

bhaskarlive market closing

The weakness in US stocks is playing out globally with signs of higher inflation, which has spoiled investors’ appetite for the Indian market as well. Rising India VIX to 25.28 has led Indices to big intraday swings on both sides. Sectorally maximum sectors closed on the negative side as Nifty IT and Nifty Media sheds more than 3 percent each. While Nifty Financial Services ended on a positive side gaining 0.68 percent.

In nifty stocks, NTPC, HDFCLIFE, SBILIFE were the top gainers while ASIANPAINT, ADANIPORT and TECHM were the prime laggards. Coming to the OI Data, on the call side highest OI witnessed at 16200 followed by 16300 strike price while on the put side, the highest OI was at 15800 strike price. Technically, Nifty has formed three black crow patterns in the daily chart suggesting bearishness would remain intact. We expect a rise in volatility as well on monthly expiry day.

Riding against the trend may not be beneficial for short term traders. All major moving averages are lying above 16300 levels. Indicators such as MACD and RSI are still struggling to overcome the oversold zone in the daily time frame. Overall, Nifty is having support at 15800 mark while on the upside 16300 may act as an immediate resistance for monthly expiry. While Banknifty has support around 33500 while resistance is placed at 35200 on the daily chart.

Om Mehra
Research Associate
Choice Broking

Source: Choice India

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