The S&P BSE Sensex rallied nearly 200 points in trade on Friday to hit a fresh record high of 31,332.56 on Friday. The rally was broad based as nearly 100 stocks hit a fresh 52-week high while as much as 35 stocks surged to fresh record highs on the BSE. As much as 94 stocks hit fresh 52-week highs on the BSE which include names like IGL, HUL, Bayer CropScience, HDFC, Colgate-Palmolive, UPL, Pidilite Industries, LIC Housing Finance, Godrej Industries, Voltas, Motherson Sumi etc. among others.
Bank Nifty Outlook:
The Goods and Services Tax (GST) Council will finalise the contours of the new indirect tax system on Saturday, in its 15th meeting as it is slated to be rolled out in the next four weeks. The Council, headed by Finance Minister Arun Jaitley is likely to approve amendments to the draft GST rules. Rates of few contentious items such as textiles, footwear, gold, beedis and cigarettes, biscuits, bio-diesel and agricultural implements are likely to reach consensus. Rates of these items could not be decided in the previous meeting owing to lack of time and a difference of opinion among various members of the Council.