The Bombay Stock Exchange Sensex on Friday maintained its winning streak to close at a new high of 35,511 points, while the National Stock Exchange Nifty breached the 10,900 mark for the first time during intra-day session.
The markets were boosted after the Goods and Services Tax Council on Thursday approved changing the tax rates of 29 goods and 53 categories of services.
The Sensex surged to an intra-day high of 35,542.17 earlier on Friday. It ended the day by rising 251 points. The Nifty50 closed 77.70 points higher to close at 10,894.70, surpassing Thursday’s all-time high of 10,817 points.
This is the seventh week in a row that the markets have closed on a high. The index has rallied more than 740 points in three straight sessions this week.
“Markets were expecting some rationalisation in GST rates,” Saurabh Jain, assistant vice-president of research at SMC Global Securities, told Reuters. “Now, any good news with respect to filing taxes will definitely bring cheer to the market.”
The top gainers on the 30-share index were Adani Ports (+4.68%), Yes Bank (+2.37%), ICICI Bank (+2.15%), State Bank of India (+2.08%) and Tata Consultancy Services (+1.53%). The top losers were Infosys (-0.82%), Sun Pharma (-0.74%) and Maruti Suzuki (-0.40%).
Meanwhile, the top gainer on Nifty50 were Indiabulls Housing Finance which rose by 4.79%, followed by Adani Ports (+4.20%) and Bajaj Finance (+2.73%). Ambuja Cement was the worst performer on NSE, going down 2.68%, followed by Ultra Cement (-2.35%) and Sun Pharma (-0.77%).