The benchmark BSE index Sensex ended marginally higher on Friday after touching a record high, its fourth peak in five sessions, as profit-booking pared overall gains led by consumer stocks that rallied after rates for goods and services under a new tax were finalised.

The Sensex closed up 30.13 points or 0.1 per cent at 30,464.92 after rising as much as 0.91 per cent earlier in the session to its highest ever, while the broader NSE index ended 1.55 points or 0.02 per cent lower at 9,427.90.

The BSE index gained 0.92 per cent on week, while the NSE index rose 0.30 per cent, with both indexes logging their second straight weekly gain.

Among BSE sectoral indices, FMCG index was the star-performer and was up 1.86 per cent, followed by banking 0.39 per cent, power 0.18 per cent and realty 0.1 per cent. On the other hand, consumer durables index fell the most by 1.04 per cent, oil & gas 0.8 per cent, IT 0.7 per cent and auto 0.59 per cent.

Top five Sensex gainers were ITC (+2.82%), HUL (+2.04%), Axis Bank (+1.83%), State Bank of India (+1.72%) and Tata Motors (+1.08%), while the major losers were Asian Paints (-2.43%), GAIL (-1.48%), M&M (-1.35%), HDFC (-1.16%) and TCS (-1.08%).

FMCG index was the star-performer as the GST Council has finalised the tax rates for bulk of the items except six categories.

Record high

The benchmark BSE index rose as much as 0.9 per cent to a record high of 30,712.35, scaling an all-time peak for the fourth time in five sessions, as consumer goods makers surged after the government finalised rates for its upcoming goods and services tax (GST).

The Union Government had set GST rates for more than 1,200 items on Thursday, and analysts said the outcome had largely benefited the fast-moving consumer goods sector after the rates for products like hair oil, soaps and toothpaste were brought down to 18 percent from 22-24 percent.

The Nifty FMCG index surged as much as 4.4 per cent to a record high with constituents ITC and Hindustan Unilever Ltd rising to their highest ever as well.

Correction likely

But some analysts warned markets were at a risk of correction should global markets tumble amid ongoing political turbulence around US President Donald Trump.

“The finalisation of GST is very positive for the markets and the gains are expected to continue,” said Vaibhav Chowdhry, head of research at KR Choksey Investment Managers.

“If the political situation in the United States takes a turn for the worse, domestic shares could correct by 10-15 per cent, but it will only be temporary.”

Global markets

The dollar limped towards its worst week since August on Friday and world stocks headed for their first weekly fall in five, as storms surrounding Donald Trump's US presidency and Latin America's biggest economy, Brazil, began to calm.

The most eventful week of 2017 for markets started with stocks at record high but then saw one of the sharpest cross-asset routs in years.

Asian stocks were mixed early on Friday and the dollar held onto overnight gains made on strong economic data, but investors were cautious due to uncertainties surrounding President Donald Trump after reports he tried to influence a federal investigation.

MSCI's broadest index of Asia-Pacific shares outside Japan slipped 0.2 per cent, on track for a weekly loss of 0.5 per cent. Japan's Nikkei was almost 0.1 per cent higher, headed for a decline of 1.6 per cent for the week.

Wall Street rebounded on Thursday from its biggest sell-off in more than eight months with help from a move to loosen internet regulations and strong economic data.

The Dow Jones Industrial Average rose 56.09 points, or 0.27 per cent, to 20,663.02, the S&P 500 gained 8.69 points, or 0.37 per cent, to 2,365.72 and the Nasdaq Composite added 43.89 points, or 0.73 per cent, to 6,055.13.

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