January 19, 2018 / 6:32 AM / a year ago

Nifty crosses 10,900 level for first time

File Photo - A broker reacts while trading at his computer terminal at a stock brokerage firm in Mumbai, India, December 28, 2017. REUTERS/Danish Siddiqui

(Reuters) - India’s broader NSE Nifty breached the 10,900 mark for the first time on Friday, with financial stocks leading the gains, as investors remained bullish after the government decided to cut tax rates on certain products and services.

The NSE index closed up 0.72 percent at 10,894.70 and posted a weekly gain of 2 percent.

The benchmark BSE Sensex ended 0.71 percent higher at 35,511.58, and rose 2.67 percent this week.

Both indexes posted their seventh consecutive weekly gain and hit record closing highs for the third time this week.

Reporting by Jessica Kuruthukulangara in Bengaluru; Editing by Sherry Jacob-Phillips

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