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Sensex, Nifty Erase Early Gains To End Mixed

Indian shares erased early gains to end on a flat note Friday as a deepening political turmoil in Washington and the Brazilian political crisis spurred some caution ahead of the weekend.

The benchmark BSE Sensex hit a record high of 30,712 in early trade after the government finalized Goods and Services Tax rates for substantial items, clearing a major hurdle towards July 1 rollout of the country's biggest indirect reform to create one unified market.

With the initial rally proving to be short-lived, the Sensex pared most of its gains to end the session up 30.13 points or 0.10 percent at 30,464.92. The broader Nifty index also hit as high as 9,505 before ending down 1.55 points or 0.02 percent at 9,427.90.

ITC and Hindustan Unilever rallied 2-3 percent after the government announced lower tax rates on FMCG products such as hair oil, soaps and toothpaste.

SBI advanced 1.7 percent after its quarterly profit more than doubled. CESE jumped 5.8 percent on bargain hunting after falling as much as 15 percent the previous day on restructuring news.

Globally, Asian markets reversed early losses to end mixed as better-than-expected U.S. economic data and higher oil prices helped spur some bargain hunting in beaten-down stocks.

European stocks recovered from heavy losses suffered earlier this week as investors put Trump worries on the back burner and Greece's lawmakers approved a reforms package as demanded by the country's lenders in return for unlocking another tranche of bailout funds.

by RTT Staff Writer

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