The benchmark indices saw biggest weekly gain since late May, soaring 439.02 points to finish at 31,360.63, while broader Nifty snapped its three-week losing streak, garnering 144.90 points to close 9,665.80.
The week saw investors giving green signal to the Nation's new apparatus of tax regime the historic goods and Service tax, a sweeping tax reform that would give substantial edge over economy, while drawing big investment into the country, the GST push saw a sharp rally in in key FMCG stocks.
The domestic market endured the stumbling block created due to global scenario with consolidative momentum.
Despite profit-booking in key sectors, the index marked new record closing peak 31,369.34 on Thursday, amid optimism over Q1 earnings due next week and ample progress in monsoons so far.
Global markets turned negative following spurt in tensions on the Korean peninsula after North Korea launched long-range ballistic missile, also nervous of monetary-tightening remarks from key central banks.
However, the week's US Federal Reserve June meeting minutes which fuelled uncertainty on the rate hike, as the minutes witnessed lack of consensus to deal with the balance sheet and inflation, it underscored the FII capital outflows from emerging markets, bolstering domestic investors sentiment.
After opening the week at 31,156.04, it marked a peak of 31,460.70 and a low of 31,017.11 before closing the week at 31,360.63, showing a gain 439.02 points and 1.42 per cent.
The Nifty started the week at 9,587.95 and traded in the range of 9,700.70 and 9,543.55. The Nifty index finally closed at 9,665.80, up 144.90 points or 1.52 pct.
Barring IT sectors which saw selling, Buying was led by Realty, Metal, IPOs, FMCG, Oil&Gas, Auto, PSUs, HealthCare, Capital Goods, Bankex, Power, Consumer Durables and Teck sectors.
The secondline shares of midcap and smallcap companies also witnessed substantial buying activity.
Meanwhile, foreign portfolio investors (FPIs) and foreign institutional investors (FIIs) sold shares worth Rs 1,845.62 crore during the week, as per Sebi's record including the provisional figure of Jul 07.
The broader market also depicted strength. The S&P BSE Mid-Cap index jumped by 297.29 points or 2.03 per cent to settle at 14,941.77 and the S&P BSE Small-Cap index surged by 420.24 points or 2.73 per cent to settle at 15,830.76. Both these indices outperformed the Sensex.
Among sectoral and industry indices, realty rose by 5.54 per cent followed by Metal 3.41 per cent, FMCG 2.48 per cent, oil&gas 2.23 per cent, auto 1.76 per cent, healthcare 1.36 per cent, capital goods 1.25 per cent, bankex 0.84 per cent, power 0.27 per cent, consumer durables 0.11 per cent and teck 0.08 per cent.
While, IT was the sole losser, losing 0.48 per cent.
Among the 31-share Sensex pack, 23 stocks rose and remaining 8 stocks fell during the week.
Index heavyweight Reliance Industries jumped 8.01 per cent.
Lupin jumped 5.35 per cent at Rs 1,116.75. The company announced the launch of generic Vigamox Ophthalmic solution in the US. The company launched Moxifloxacin Hydrochloride Opthalmic Solution USP, 0.5 per cent (base) having received an approval from the United States Food & Drug Administration (USFDA).
It was followed by ITC 3.17 per cent, Maruti 2.93 per cent, Coal India 2.81 per cent, SBI 2.41 per cent, Adani Ports 2.32 per cent, M&M 2.04 per cent, Tata Steel 1.74 per cent and HUL 1.72 per cent.
While, Bajaj Auto fell by 2.96 per cent, Axis bank 2.48 per cent, Cipla 1.50 per cent, TCS 1.36 per cent and Sun Pharma 0.87 per cent.
The total turnover during the week on BSE and NSE rose to Rs 17,400.21 crore and Rs 1,14,537.79 crore, respectively, as against last weekend's level of Rs 14,555.61 crores and Rs 99,694.28 crores. .