Domestic stock markets gave up early gains on Friday after the Supreme Court held telecom services providers owing Rs 1.47 lakh crore to the telecom department in contempt of court. The S&P BSE Sensex index retreated 519.23 points from an intraday high of 41,702.36 touched earlier in the day, and the broader NSE Nifty benchmark slid to as low as 12,097.90, reversing direction after touching 12,246.70 at the strongest level during the session.
At 11:21 am, the Sensex traded 179.32 points – or 0.43 per cent – lower from the previous close at 41,280.47, while the Nifty was at 12,129.30, down 45.35 points – or 0.37 per cent – from its previous close.
Twenty six stocks on the 50-scrip Nifty index moved lower at the time, in contrast to early deals in which most of its components moved higher.
Top percentage laggards on the Nifty were Bharti Infratel, IndusInd Bank, Eicher Motors, Axis Bank and HDFC Bank, trading between 1.40 per cent and 4.02 per cent lower.
On the other hand, Yes Bank, Bharat Petroleum, Tata Motors, UPL and Bajaj Auto, up between 1.39 per cent and 5.11 per cent, were the top Nifty gainers.
HDFC Bank, Reliance Industries and Axis Bank were the biggest drags on the Sensex, together pulling the index more than 120 points lower.
In a setback for telecom companies, the top court summoned the managing directors of the telecom companies to explain why they haven’t deposited the money, and why contempt proceedings should not be initiated.