The market was off the day’s high after seeing a record surge in the morning session. Likely profit booking by investors could have dragged the indices down.
The Sensex was up 106.49 points at 29692.34, while the Nifty was up 9.55 points at 9163.25.
The market breadth was negative as 1,113 shares had advanced against a decline of 1,224 shares. Around 143 shares remained unchanged.
Index heavyweight ITC was holding the market, while Lupin was also a top gainer on both the indices. Meanwhile, Idea Cellular, Bharti Airtel and GAIL were the top losers on both indices.
Shares of ITC rallied nearly 8 percent intraday as investors placed bets after GST Council’s announcements.
The GST Council on Thursday decided to cap the cess rate on tobacco products at Rs 4,170 per 1,000 sticks or 290 percent ad valorem. It also capped the cess on pan masala at 135 percent ad valorem. This cess would be levied on top of the GST to be imposed on these products.
Music Broadcast shares started off first day trade on a strong note, opening at Rs 413 on Friday, up 24 percent over issue price of Rs 333.
The stock was trading at Rs 379.85 on the NSE, up 14 percent over issue price after hitting an intraday high of Rs 415 and low of Rs 370.