Markets continued their upward march through the week but a downgrade of the sovereign outlook by Moody’s caused a break in the momentum. This was further compounded by it being Friday and weekend and also the fact that four important judgments were to be pronounced by the Supreme court in the latter half of the coming week.
BSE Sensex gained 158.58 points or 0.39 per cent to close at 40,323.61 points. The intra-week high was made on Thursday at a level of 40,688.27 points. NIFTY gained 17.55 points or 0.15 per cent to close at 11,908.15 points. The intra-week high was 12,021.40 points, making the all-time high roughly 90 points away. BSE Sensex is trading at an all-time high.
The broader indices saw BSE100, BSE200 and BSE500 lose 0.08 per cent, 0.15 per cent and 0.24 per cent respectively. BSE Midcap was down 1.07 per cent, while BSE Smallcap lost 0.93 per cent. The FPIs’ have been bullish and have been buyers on 75-80 per cent of the days and are investing about Rs 850-1,000 crore on a daily basis.
Dow Jones has also made a new lifetime high and gained 333.88 points or 1.22 per cent to close at 27,681.24 points.
The many decades old Ayodhya-Babri Masjid dispute judgement was announced on Saturday. The idea behind choosing Saturday was that it is a half holiday and would be easier to monitor law and order in case of any untoward incidents. Till the time of writing this article, things have been under control across the country.
The Supreme Court judgement was unanimous and it has asked the Central government to form a trust to construct the temple, while also directing it to allot 5 acres of suitable land for making a mosque.
Three judgements, namely the Sabarimala case, Rafael case