The benchmark Sensex on Monday jumped 255 points to a new peak as the government cleared the way for GST that will lower prices for many mass-consumption products. The sentiment was also boosted after market regulator Sebi said it plans to relax norms for direct registration of foreign investors and fast-track the listing process as part of efforts to make the Indian stock market more attractive.
After a strong opening, the BSE 30-share Sensex hit a high of 31,362.15, before closing at a new record high of 31,311.57, up 255.17 points, or 0.82 per cent. The 50-share Nifty too ended 69.50 points up at 9,657.55. 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.
Further, 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.