New Delhi, Jan 10 | The Supreme Court on Monday agreed to extend the limitation period of filing cases across judicial and quasi-judicial fora in the country.
A bench headed by Chief Justice N.V. Ramana will issue a detailed order later in the day. The bench, also comprising Justices L. Nageswara Rao and Surya Kant said, “we are accepting the prayer.”.
The Supreme Court Advocates-on-Record Association (SCAORA) had moved the top court seeking restoration of a March 2020 order through which the court had directed the suspension of the limitation period in the backdrop of difficulties faced by the litigants amid the Covid-19 pandemic.
Advocate Shivaji Jadhav, President SCAORA, submitted that Covid cases have been increasing across the country over the past few days and urged the court to restore the limitation extension orders. Attorney General K.K. Venugopal supported the SCAORA plea.
The SCAORA filed the application in the suo motu case “In Re Cognizance for Extension of Limitation”, seeking restoration of the order dated March 23, 2020 and April 27, 2021, through which limitation period for filing of cases was extended.
The SCAORA’s application contended that there has been a drastic change in the Covid pandemic situation, in the view of a new variant, more particularly Omicron.
The plea added that considering the alarming rise in the Covid cases, it becomes necessary to restore the relaxation with regard to the period of limitation.
The Indian market recovered sharply on the last trading day amid the weekend after a continuous fall. Market has managed to halt above 16000 Nifty levels after continuous losing streak. Index reacted violently, grasping Indian as well as global factors throughout the week. Simultaneously, Inflation is catching up and profit margins are taking a hit.
Sensex advanced 1532 points or 2.90 percent while Nifty gained 484 points or 3.07 percent in a week. Simultaneously, Bank nifty has overcome bear’s dominance ending the session with 3.49 percent gain. Sectorally,Nifty Metal saw the highest gains of 7.40 percent followed by the Realty and Auto added over 4% gain. On the flip side Nifty IT tumbled 2.82 percent on weekly basis. Midcap and Small Cap measures rising nearly 2 percent as well.
In Nifty stock, EICHERMOT gained 11.31% while TECHM lost 5.98% on a weekly basis. INDIA VIX closes at 23.10 suggests volatility driven market is going to remain intact. Coming to the OI Data, on the call side highest OI witnessed at 17000 Nifty followed by 16800 Nifty strike price while on the put side, the highest OI was at 16000 Nifty followed by 15800 Nifty strike price. Technically, Nifty has formed a Tweezer Bottom type pattern in the weekly chart suggesting a short term buying rally may drive the market until monthly expiry. On the daily chart, price has rebounded from the lower Bollinger band as well.
Momentum indicators MACD & Stochastic were trading with a positive crossover & reversed from oversold zone. However, Index is still struggling to get the support of 50 Simple Moving Average in daily chart. Short term investors and traders are advised to work with option strategies to neutralize the volatility. Overall, Nifty is having support at 15700 mark while on the upside 16700 followed by 16500 may act as an immediate resistance. While Bank nifty has support around 32500 while resistance is placed at 36000 on weekly chart.
Source: Choice India