Sensex rebounds 209 points as GST Council freezes tax rates

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The benchmark BSE index rose as much as 0.9 percent to a record high on Friday, 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).

Sentiment was also bolstered by the progress on the GST front, with the GST Council finalising rates for most goods. Both the indices recorded their second straight weekly gains by rising 276.77 points, or 0.91 per cent, and 27 points, or 0.28 per cent, respectively. Back home, SBI shares gained 1.72 per cent after the net profit of the country's largest lender more than doubled to Rs 2,814.82 crore for the March quarter.

The S&P BSE mid-cap index fell 0.72 percent while the small-cap index declined 0.88 percent.

BSE IT is the only sectoral index that closed in green. 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 per cent, down at 9,427.90. The market breadth continued to remain negative as 1,789 stocks closed lower, 957 finished higher while 165 ruled steady.

For the week, China's Shanghai Composite index advanced 0.2% while Japan's Nikkei 225 index fell 1.5%.

Pentagon chief, Turkish PM meet after decision to arm Kurds
He earlier said that after Tabqa is secured, the Syrian Kurdish-led forces will continue operations to "isolate and seize Raqqa". But the U.S.is convinced they are the most effective local fighting force against IS.

Overseas, Asian stocks were mixed as investors were cautious due to uncertainties surrounding US President Donald Trump after reports that he tried to influence a federal investigation.

Coal India rallied 2.6%, followed by NTPC and PowerGrid as the GST rate on the hydrocarbon was pegged at 5% as compared with the current tax burden 11.69%, which will make electricity cheaper. The US Dow Jones Industrial Average ended 0.3% higher on Thursday.

Foreign portfolio investors (FPIs) were net sellers of Indian equities worth Rs 731 crore while domestic institutional investors ended up as net buyers of stocks worth Rs 615 crore according to provisional data published by the National Stock Exchange.

Companies that will be declaring their Q4 results on Thursday include CESC, Coffee Day Enterprises, Bank of Baroda, IDBI Bank and Tata Coffee.

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