Markets bewilder as 4 senior most Justice hold presser

The market experienced wild intraday swings on Friday. At one point in time, it was trading at an all-time high of 10690, but it slipped to days low of 10,597 level. The market was scaling new highs on a daily basis appeared to take slow down following an unprecedented move by four senior-most sitting Supreme Court judges who held a press conference regarding the irregularities in the functioning of the apex court. 

The four judges lead by the second most senior judge, Justice Chelameswar addressed the nation to bring to fore their grievance with the functioning of the Supreme Court of India. The other judges were Justice Ranjan Gogoi, Justice Madan B Lokur and Justice Kurien Joseph. They said that they had presented their objection to Chief Justice of India (CJI) Dipak Misra, but without any success. The judges have circulated the letter they had sent to the CJI. 

In the letter, the judges have raised four main issues including the allocation of cases by the CJI. The Chief Justice assigns cases to other judges. The judges allege preferential allotment of cases to various benches. They have raised objections on the allocation of Justice Loya case, medical college case and functioning of the Collegium system. 

Meanwhile, the markets seemed to have shed off the concern arising from this episode. At 15:17 hours Nifty50 was at 10,687.70, up by 0.34 per cent, Sensex was at 34,592.81, up by 0.26 per cent.