The market hit a bright spot straightaway today as the Sensex moved beyond 31,000 at the start, extending its weekend gains following the GST kick-off amid mixed Asian cues. However, growth of eight core sectors slowed to 3.6 per cent in May dragged down by coal and fertilisers, which acted as a sobering factor. The 30-share index, after soaring 337 points to touch high of 31,258.33 at the outset, let go of some gains and traded at 31,069.20, up 147.59 points, or 0.48 per cent.

The Sensex fell over 154 points and the Nifty went below 9,500 in the beginning on Friday as the July derivative series took off on a negative note amid anxiety ahead of GST rollout. Capital outflow by foreign funds and weak global shares only added to concerns.

Investors kept their fingers crossed ahead of the landmark tax reform Goods and Services Tax (GST), which is set for a mid-night launch on Friday.

The Sensex headed up surging 160 points on Thursday as investors welcomed the Cabinet's decision to give 'in-principle' nod to disinvestment of Air India, a sign the government is not shying away from bold reforms. A firm trend in Asia brought risk appetite back.

Speculators went about covering their short positions in anticipation of more reforms, Thursday being the expiry of June futures and options derivative contracts. The 30-share index, which had lost 456.42 points in the previous three sessions, rose 159.85 points, or 0.51%, to 30,994.17. All sectors were in the green.

Stock markets saw an alarming slump on Tuesday as the equity benchmarks- Sensex and Nifty lost well over 0.50 per cent. The 30-share BSE Sensex closed 179.96 points below (0.58 per cent) at 30,958.25 while the broader 50-share NSE Nifty slipped 63.55 points (0.66 per cent) to end at 9,511.40.

In a turbulent day for the market, Sensex hit the day-low of 30,847.08, almost 300 points below closing mark of the previous session. It slipped below 31,000 for the first time since May 25. Nifty also lost more than 100 points in intra-day trade to touch the low point of 9,473.45, hitting a one-month low.

Benchmark Sensex gave up early gains to end 153 points lower at 31,138.21 on Friday while the Nifty cracked below the 9,600-mark as investors took profit ahead of a long weekend.

On a weekly basis, the Sensex gained 81.81 points, or 0.26%, while the broader Nifty shed 13.10 points, or 0.13%. Markets will remain closed on Monday on account of 'Id-ul-Fitr' (Ramzan Id).

Indian shares fell on Friday, with the NSE index hitting a one-week low, as investors booked profits in financials such as State Bank of India and automakers such as Maruti Suzuki India Ltd. Still, the indexes were headed for small weekly gains on hopes the central bank will cut interest rates after minutes from a monetary policy committee meeting earlier this month showed one member acknowledging that inflation had eased. Caution is, however, likely to prevail in the near term as India gears up to unveil a nationwide goods and services tax on July 1, while monitoring global factors such as falling crude prices.

The BSE Sensex made a strong recovery of 136 points at the start on June 22 on the back of a slew of steps by regulator Sebi to make markets more attractive for investments.

Asian cues remained mixed.

The 30-share index rebounded by 136.27 points, or 0.44%, to 31,419.91. Realty, metal, power and auto rose up to 1.09%, staying in the positive zone.

Markets regulator Sebi will engage a forensic auditor for its ongoing probe into the NSE co- location case to ascertain whether brokers made unfair gains in connivance with the exchange officials. The watchdog has already issued show-cause notices to the National Stock Exchange (NSE) and several of its current and former executives as part of its investigation into alleged lapses in high-frequency trading offered through NSE’s co- location facility.

The Sensex recorded a significant recovery of 255 points to close at a new peak of 31,312 today and the Nifty reconquered the key 9,600, riding piggyback on GST headway and expectations of reforms by regulator Sebi. There was more of buying as investors saw NPA resolution gaining traction after the Reserve Bank asked lenders to initiate bankruptcy proceedings against large defaulters.

The Sensex rose 74 points early on Thursday on buying pick-up as investors shrugged off weak Asian cues after the US Fed hiked its key rate.

An appreciating rupee brought more cheer.

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