Mumbai: Benchmark Sensex gained 30 points to end at 30,464 on Friday as FMCG stocks rallied after the GST Council finalised tax rates for bulk of the goods. Nifty, however, finished a shade lower.
The BSE Sensex resumed higher and hit its all-time high of 30,712.35 (intra-day), the fourth in five sessions, but later eased to a low of 30,338.52 before settling 30.13 points, or 0.10% higher at 30,464.92. The broader 50-share NSE Nifty touched a high of 9,505.75 at the outset, but succumbed to profit-booking and settled 1.55 points, or 0.02%, down at 9,427.90.
Both the indices recorded their second straight weekly gains by rising 276.77 points, or 0.91% and 27 points, or 0.28%, respectively.
FMCG stocks hogged the limelight after the GST Council fixed rates for most of the goods. Common use products such as hair oil, soaps and toothpaste will cost less from July 1 when GST is due to set in.
“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%, but it will only be temporary.”
Among other gainers, Bank of Baroda Ltd rose as much as 4.5% after the public sector lender reported a net profit of Rs155 crore for the March quarter, compared with a net loss in the year-ago period. State Bank of India was up 2.1% ahead of its March-quarter results later in the day.
With inputs from Reuters