Indian shares surge to new closing highs of 24 months

mumbai — Indian equity markets on Monday surged to new closinghigh levels in the last 24 months as investors’ sentiments were buoyed after a major breakthrough was achieved on the Goods and Services Tax (GST) legislation.

Besides, inflows of foreign funds and a strong rupee pushed the indices higher.

The key indices closed with gains of more than half a per cent each to touch new closing highs since March 3, 2015.

The wider 51-scrip Nifty of the National Stock Exchange (NSE) gained 65.90 points, or 0.74 per cent, to 8,963.45 points.

The barometer 30-scrip sensitive index (Sensex) of the BSE, which opened at 28,859.21 points, closed at 29,048.19 points — up 215.74 points or 0.75 per cent from the previous close at 28,832.45 points.

The Sensex touched a high of 29,070.20 points and a low of 28,856.12 points during the intra-day trade. The BSE market breadth was tilted in favour of the bulls — with 1,511 advances and 1,371 declines.

In terms of the broader markets, the BSE mid-cap index rose by 0.57 per cent and the small-cap index was up by 0.37 per cent.

Markets began the week on a positive note as they surged sharply higher to close with healthy gains Deepak Jasani, Xhead — Retail Research, HDFC Securities

On Friday, the benchmark indices closed on a flat note as global cues and weak rupee eroded investors’ risk-taking ability.

The NSE Nifty closed a tad lower by 2.20 points or 0.02 per cent at 8,897.55 points, and the barometer BSE Sensex was down 7.34 points or 0.03 per cent at 28,832.45 points.

“Markets began the week on a positive note as they surged sharply higher to close with healthy gains. Both the Nifty and the Sensex closed at highs not seen since March 2015,” Deepak Jasani, head — Retail Research, HDFC Securities, told IANS.

Market observers pointed out that investors’ sentiments were upbeat following major developments around the GST.

The GST Council approved the central cGST (cGST) and integrated GST (iGST) draft laws on March 4.