Mumbai: The S&P BSE benchmark Sensex recovered by 249 points to close at 28,051.86 and the NSE 50-share Nifty by 97 points to end at at 8,638.50 on fresh buying and hopes that the Goods and Services Tax (GST) bill inched closer to become a reality.
Market sentiment was also boosted after the US Federal Reserve opted to keep interest rates at ultra-low level after the conclusion of a two-day monetary policy meeting. Meanwhile, the Bank of Japan (BOJ) kept interest rates and the government bond buying unchanged after the conclusion of a two-day monetary policy meeting.
Strong foreign capital inflows also was the another factor behind rise in Sensex. The Sensex rose 248.62 points or 0.89 per cent to settle at 28,051.86 after hitting 11-month high of 28,240.20 during the week.
The Sensex had last traded at 28,417.59 on August 10, 2015 during the intra-day trade. The NSE 50-share Nifty also rose by 97.30 points or 1.14 per cent to close at 8,638.50 after hitting 15-month high of 8,674.70 during the week. The Nifty had last traded at 8,699.85 on April 17, 2015.
The government on Friday listed the much-awaited GST bill for consideration and passage in Rajya Sabha's agenda for the next week.
Meanwhile, the Group of 20 major economies, including India, has vowed to deploy all policy tools to foster confidence and boost global environment for growth, which they said was "challenging" and uncertain after the UK's decision to exit the world's largest single market, the EU.
Traders said covering-up of short positions on expiry of July series of derivative contracts and participants carrying positions to new series also boosted sentiment.
