Sensex rises by 222 points to 2-week high, posts weekly gain

The BSE benchmark recovered by 222.19 points, or 0.70 per cent, to end at over two-week high of 31,814.22 after fresh round of buying by participants ahead of the outcome of the GST Council meet later in the day.

The 30-share index, which had lost 79.68 points in the previous session, shuttled between 31,844.28 and 31,632.81. This is the highest closing since September 22 when it settled at 31,922.44.

Reflecting widespread recovery, the 50-share NSE Nifty too spurted by 91 points, or 0.92 per cent to close at 9,979.70. Intra-day, it touched a high of 9,989.35 and low of 9,906.60.

On weekly basis, the BSE Sensex recovered by 530.50 points, or 1.69 per cent and the broader NSE Nifty by 191.10 points or 1.95 per cent. Expectations that the GST Council may provide some relief to exporters and small and medium enterprises (SMEs)in terms of faster refunds and compliance moved the market, brokers said.

Positive global cues with most other Asian markets ending higher, tracking another record close on Wall Street following more buoyant US data and hopes for tax reform, fuelled the rally.