The Sensex and Nifty were trading marginally higher led by FMCG, realty, banking and metal stocks amid firm European cues. But consumer durables, IT, TECk and oil & gas stocks succumbed to heavy selling pressure.

At 2.50 p.m., the 30-share BSE index Sensex was up 53.67 points or 0.18 per cent at 30,488.46 and the 50-share NSE index Nifty was up 3.55 points or 0.04 per cent at 9,433.

Among BSE sectoral indices, FMCG index was the star-performer and was up 2.21 per cent, followed by realty 0.5 per cent, banking 0.41 per cent and metal 0.41 per cent. On the other hand, consumer durables index was down 1.03 per cent, IT 0.71 per cent, oil & gas 0.55 per cent and TECk 0.54 per cent.

Top five Sensex gainers were ITC (+3.15%), HUL (+2.15%), State Bank of India (+2.05%), Axis Bank (+1.75%) and Tata Motors (+0.91%), while the major losers were Asian Paints (-2.4%), Power Grid (-1.49%), TCS (-1.31%), GAIL (-1.07%) and HDFC (-0.92%).

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.”

Asian shares

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.