Both the indices hit a record high in early trade, driven by gains in consumer stocks after a government panel tasked to look at tax rates under the Goods and Services Tax - likely to be rolled out from July 1 - set rates on most consumption-related goods at lower than current levels.
On Thursday, the GST Council finalised the rates for a wide range of products exempting foodgrain and milk, and taxing sugar and other essential items at 5%, in a bid to keep a lid on inflation. The Nifty too, was up by 13.50 points or 0.14 per cent. The major gainers of the day were ITC (5.02%), Hindustan Unilever (2.38%), State Bank of India (1.83%), Bharti Airtel (1.66%), Power Grid (1.51%), Axis Bank (1.47%), Coal India (1.46%) and NTPC (1.17%). The BSE mid-cap index fell 0.72 per cent and small-cap index declined 0.87 per cent.
State Bank of India, the country's biggest lender by assets, rose 1.7% to 308.15 rupees on Friday and added about 4% for the week, after posting a 123% increase in on-year in net profit for the quarter ended Mar.31. The index closed up by 1.21 per cent bucking the overall market trend.
Reflecting the upbeat mood, barring metal, all the sectoral indices led by technology, FMCG, IT, auto and consumer durables ended in the positive zone.
The stock rose on impressive volumes today.
For the week, China's Shanghai Composite index advanced 0.2% while Japan's Nikkei 225 index fell 1.5%.
But some analysts warned markets were at a risk of correction should global markets tumble amid ongoing political turbulence around U.S. President Donald Trump.
Back home, foreign institutional investors sold shares worth Rs 361 crore on Thursday while domestic institutional investors bought shares worth Rs 898 crore on Thursday, according to the data available on the National Stock Exchange.
SBI gained 1.7 percent ahead of its quarterly results due out later in the day.