Sensex rises 130 points, Nifty claims 9,900 mark, banking stocks jump

Sensex surged over 130 points in the opening session on Friday, as oil and banking shares took the middle stage.

The broader NSE Nifty also reclaimed the 9,900-mark. Expectations built up that today's meeting of the GST Council may provide some relief to exporters and SMEs in terms of faster refunds and compliance.

The 30-share index rebounded by 130.10 points, or 0.41 per cent, to 31,722.13. The gauge had lost 79.68 points in the previous session after investors shaved off profit.

Reflecting the widespread recovery, all the sectoral indices led by consumer durables, metal and oil and gas were trading in the green, adding up to 1.01 per cent.

The NSE Nifty also moved up by 40.80 points, or 0.41 per cent, to quote at 9,929.50.

Traders said gains at most Asian markets tracking rallies on Wall Street following more buoyant US data and hopes of tax reforms bolstered trading sentiment here.

Top gainers in the Sensex kitty included ONGC, Tata Steel, Adani Ports, NTPC and SBI, rising up to 1.55 per cent.

Meanwhile, the dollar hit seven-week highs versus a basket of currencies on Friday, supported by hopes for progress on U.S. tax reforms, while sterling was under the gun on worries over a possible leadership battle in the British government.

Congressional Republicans moved to hasten an overhaul of the U.S. tax code on Thursday, with the Republican-controlled House of Representatives approving a fiscal 2018 spending blueprint to help advance an eventual tax bill.

Bombay Stock Exchange - BSE

National Stock Exchange of India Ltd (NSE)