Benchmark indices showed handsome upward breakout on Friday. Nifty ended at 9,979 level, up by 91 points while Sensex ended at 31,814 level, up by 222 points.
The upsurge in the Nifty and Sensex can be attributed to the outcome of GST’s 22nd meeting. The GST Council meeting is likely to bring relief to various business sectors in the country from the complexity of compliance and high tax rate on select goods and services. Exporters are likely to get major relief in terms of faster and easier refund of input credit.
On the downside, 9890 and 9900 are strong support levels for the 50-stocks index. On the daily technical charts, Nifty has been making higher highs and higher lows for past few trading sessions. On the upside, 10,000 is followed by 10,040 and 10,080 may be placed as the important resistance levels.
There were 1,136 advances, 511 declines and 320 unchanged stocks on NSE, reflecting strong positive sentiments in the market. Metal and Banking stocks were shining on the bourses. Reliance, Tata Steel and Infosys were top contributors to the Nifty and Sensex gains. Reliance closed at Rs 837 per share, up by 1.55%.
Nifty Metal index was the top gainer among the sectoral indices on NSE, ending at 3,711 level, up by 3.14%. Bank Nifty index closed at 24,190 level, up by 0.55%. Punjab National Bank was the top gainer in the index closing at Rs 137.3 per share, up by 3.74%.
On the broader markets, BSE Mid-cap index closed at 15,840 level, up by 148 points while BSE Small-cap index closed at 16,626 level, up by 177 points.
Movers and Shakers of the day:
GAIL was the top Nifty gainer, ending at Rs 456 per share, up by 5.83%.
SAIL was the top gainer in the BSE Mid-cap index, closing at Rs 56.45 per share, up by 4.34%.
Infosys was the top gainer in the IT segment, closing at Rs 919.5 per share, up by 1.82%.
Tata Steel was shining on the bourses and settled at Rs 693.1 per share, up by 4.98%.