Indian stock markets saw an extremely volatile trade up until the late afternoon session on Friday. Amid the choppy market activity, we take a look at two small-cap stocks which rose up to 20% today.
Indian stock markets saw an extremely volatile trade up until the late afternoon session on Friday. During 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 this, S&P BSE Sensex tumbled about 300 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. However, an uptick in shares of heavyweight companies such as ICICI Bank, Reliance Industries, Maruti Suzuki and HDFC resisted further losses. Within an hour of choppy trade, key equity indices recovered all of the losses, thanks to the shares of above mentioned blue-chip firms.
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. At the time of writing, Sensex was trading at 34,563.62 and Nifty was trading at 10,672.65, each up by 0.2% respectively.
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 ahead of its Q3 earnings which are scheduled for later today. Other major companies lined up with their respective third-quarter results were 3i Infotech, HT Media, Karnataka Bank, Reliance Industrial Infrastructure, and Sintex Industries.
In an unprecedented move today, four senior-most judges of the Supreme Court addressed the media and raised concerns over the administration of the Supreme Court under the current Chief Justice of India Dipak Misra. 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.