* NSE index up 0.51 pct, BSE index 0.59 pct higher
* SBI up 2 pct ahead of March-quarter results
* ITC, Hindustan Unilever hit life-time high
By Arnab Paul
May 19 India's 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).
India 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 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
percent to a record high with constituents ITC and
Hindustan Unilever Ltd rising to their highest ever as
But some analysts warned markets were at a risk of
correction should global markets tumble amid ongoing political
turbulence around U.S. 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
percent, but it will only be temporary."
The BSE index was 0.59 percent higher at 30,614.02 as of
0535 GMT, while the broader NSE index was up 0.51
percent at 9,477.35.
The NSE index has gained 0.69 percent so far this week,
while the BSE index has risen 1.29 percent. Both the indexes are
on track for a second straight weekly gain.
Among other gainers, Bank of Baroda Ltd rose as
much as 4.5 percent after the public sector lender reported a
net profit of 1.55 billion rupees ($23.92 million) for the March
quarter, compared with a net loss in the year-ago period.
State Bank of India was up 2.1 percent ahead of its
March-quarter results later in the day.
($1 = 64.8125 Indian rupees)
(Reporting by Arnab Paul; Editing by Subhranshu Sahu)