Positive global cues and headway on GST and expectations of reforms by Sebi not only helped Sensex stage a smart recovery of 255 points to close at a new peak of 31,312 but Nifty also reclaimed the key 9,600 level on Monday.
The markets saw a flurry of buying as investors sensed NPA resolution gaining traction after the Reserve Bank asked lenders to initiate bankruptcy proceedings against large defaulters.
Positive global cues emerging from other Asian markets that ended higher in tune with weekened record closing at the Wall Street propped up the markets here. A firm opening at European shares in a reaction to a strong victory for President Emmanual Macron’s centrist party in French parliamentary elections, as Britain begins formal Brexit talks, buoyed trading sentiments here.
“The Market is back to the buoyed sentiment due to relaxation in return filing timeline to minimize the impact of transition to GST. On the other hand, RBI’s insistence that the banks start the bankruptcy proceedings which will improve bank’s asset quality & strengthen the balance sheet, led the index to climb by 1 per cent,” said Vinod Nair, Head of Research, Geojit Financial Services ltd. After a strong opening, the BSE 30-share index hit a high of 31,362.15, before closing at a new record high of 31,311.57, up 255.17 points,