Mumbai: Benchmarks Sensex and Nifty overcame a spell of fag-end volatility to close with moderate gains on Friday as investor sentiment got a lift after the GST Council reduced tax rates on a wide range of mass use items.
The 30-share Sensex, after a hesitant start at 33,235.75, rebounded to the day's high of 33,380.42 in the late afternoon trade, but lost some ground to end at 33,314.56., up 63.63 points, or 0.19 per cent, from its previous close.
The broader Nifty, after moving between 10,254.10 and 10,344.95, finally concluded 12.80 points, or 0.12 per cent, higher at 10,321.75. For the week, the Sensex fell by 371 points, or 1.10 per cent while the NSE Nifty lost 130.75 points, or 1.25 per cent.
The GST Council on Friday provided relief to several sectors by slashing tax rates on a host of consumer items -- from chewing gums to detergents -- to 18 per cent from current 28 per cent.
The all-powerful council pruned the list of items attracting the top 28 per cent tax rate to just 50 from 227 previously. In effect, the council, in its 23rd meet today, cut rates on 177 goods.