Supreme Court judges’ press meet rattles Sensex

Mumbai :The equity markets witnessed high bout of volatility on Friday after four senior Supreme Court judges in an unprecedented move criticised the manner in which the highest court is functioning under the current Chief Justice of India raising concerns regarding the integrity of the topmost court.

The markets, which were trading at an all-time high suddenly, witnessed a steep fall following their press meet.

However, the markets soon recovered their lost momentum and staged a spectacular rally from their intra-day low to close at a new high.

The Nifty slumped almost 100 points from its days high to touch an intra-day low of 10,597.10 before ending the day at a new closing high of 10,681.25, up 30.05 points or 0.28 per cent. Similarly, the Sensex plunged 260 points from its day high to hit a low of 34,342.16. The index finally ended at 34,592.39, up 88.90 points or 0.26 per cent.

“The way index recovered smartly in the latter half of trading session is generally considered as a good sign.  However, on the higher side, we reiterate that the market looks a bit tired and hence, it would be a prudent strategy to keep booking profits and staying light on positions,” said Sameet Chavan, derivative analyst at Angel Broking.