The Sensex jumped 231 points on Friday morning to 27,945.40, while the Nifty traded 78.15 points up, PTI reported. The markets surged following Bank of England’s announcement on Thursday to cut its benchmark interest rate to 0.25% from 0.5%. This will reportedly the lowest in its 322-year history. The surge also comes after the Upper House of Parliament passed the Goods and Services Tax Bill on Wednesday night.
Moody’s Investors Service on Thursday had said the GST will not have any major impact on inflation, if the tax rates are within the revenue neutral band, and will have a positive impact on the economy.
Asian markets were also up on Friday morning. The Singapore index SGX Nifty was up 52 points, while Nikkei and Shanghai traded 1.31% and 0.12% higher, Financial Express reported.