Sensex, Nifty remain cautious after SC Judges address media

Sensex, Nifty on Friday continued to be range bound, wiping out morning gains after four Supreme Court judges raised concerns over administration of the top court.

The Sensex traded down 33.92 points at 34,469.57 and the Nifty fell 12.60 points to 10,638.60.

About three shares declined for every two shares rising on the BSE.

Traders also turned cautious ahead of Infosys Q3 earnings and macro data (November IIP and December CPI inflation) due later today.

The markets triggered after witnessing independent India's first historic event, where the Supreme Court of India's four judges addressed the media on Friday, and appealed to the nation to save their institution if they wanted democracy in the country to survive.

Justices Madan B. Lokur, Kurien Joseph, Ranjan Gogoi and Jasti Chelameswar addressed the press conference on the lawns of Justice Chelameswar's official residence here.

Speaking on behalf of the four judges, Justice Chelameswar expressed his lament over the corrosion and compromise taking place within the institution of the judiciary and especially within the portals of the Supreme Court.

He said, "We owe a responsibility to the institution and the nation. Our efforts have failed in convincing the CJI (Chief Justice of India) to take steps to protect the institution."

"Even this morning, the four of us went and met the Chief Justice of India and tried to persuade him to accept that certain things are not in order and that he should take remedial measures. Unfortunately, we couldn't convince him. We all (four judges) are convinced that unless this institution is preserved and (is allowed to) maintain its equanimity, democracy will not survive in this country or any country," Justice Chelameswar added.