A sustained rise in the shares of heavyweight companies such as ICICI Bank, Reliance Industries, HDFC, and Maruti Suzuki elevated stock markets to conclude at fresh record highs on Friday with Sensex topping 34,592.39 at the close, up by 88.9 points. The wider share indicator NSE Nifty rose 30.05 points to settle at 10,681.25. In the mid-morning trades, domestic markets got a jolt with Sensex and Nifty sliding into negative territory after four of India’s senior-most judges of the Supreme Court raised concerns over the administration of the apex court. Following which, S&P BSE Sensex tumbled 296 points from the day’s high, falling to the day’s low of 34,342.16 points; while NSE Nifty slid about 100 points from the intra-day high to hit the day’s low at 10,598.6. Within an hour of choppy trade, key equity indices recovered all of the losses, thanks to the shares of above mentioned blue-chip firms.
Shares of ICICI Bank, Maruti Suzuki, ONGC, HDFC, Reliance Industries, Dr Reddy’s gained up to 2.5%, helping the headline indices to minimise the losses. While, shares of Bharti Airtel, Power Grid, Sun Pharma, ITC, Yes Bank, Adani Ports, TCS, NTPC, Bajaj Auto lost up to 1.3%. Indian stock markets witnessed an extremely volatile trade during one hour from 12:30 am to 01:30 am due to the unprecedented move of four senior-most judges of the Supreme Court, in which they addressed the media and raised concerns over the administration of the Supreme Court under the current Chief Justice of India Dipak Misra.
Among the group ‘A’ shares on BSE, small-cap stocks of RattanIndia Power and Den Networks were the top two gainers; rising up to 20%. In today’s trade, the stock of RattanIndia Power jumped 15.76% to the day’s high of Rs 8.15 from a level of Rs 7.04 earlier yesterday. Another small-cap stock, Den Networks spiked as much as 20% to the 52-week high of Rs 133.25. Earlier, in the morning trades, stock markets had extended gains on Friday with the key equity indices Sensex and Nifty mounting their respective fresh lifetime highs. BSE Sensex rallied 134.93 points to hit a record high of 34,638.42 whereas NSE Nifty added as much as 39.05 points to hit a fresh peak of 10,690.25.
Meanwhile, the stock of India’s second-largest IT firm Infosys also surged 0.94% to hit a fresh 52-week high of Rs 1,085.9 before finishing up 0.32% at Rs 1,079 ahead of its Q3 earnings which are scheduled for later today. In the first-of-its-kind press conference, Justices Jasti Chelameswar, Ranjan Gogoi, Madan Lokur and Kurian Joseph said there was an immediate need to preserve the judiciary system in the country. The press conference, a first of its kind for sitting judges of the Supreme Court, was held at the residence of Justice Chelameswar. The conference was mostly addressed by Justice J Chelameswar.