The flagship Sensex today rallied 211 points to hit an all-time high of 31,494, lapping up a series of market-friendly measures taken by the Securities and Exchange Board of India. Yesterday, the regulator Sebi relaxed entry norms for overseas investors, rationalised ‘fit and proper’ criteria as also simplified other requirements. The watchdog also decided to expand eligible jurisdiction for grant of FPI registration by including countries with diplomatic tie-ups with India.
Getting off the ground on a strong footing, the 30-share index rose further by 210.68 points, or 0.67 per cent, to hit a new peak of 31,494.32, breaking its previous life-time high (intra-day) of 31,430.32 reached on June 6. All indices led by auto, healthcare and banking showed up in the green. The 50-share NSE Nifty too gained 46.30 points, or 0.48 per cent, at 9,679.90.
Covering-up of short positions helped lift the indices too. A mixed trend prevailed at other Asian bourses. Among a host of key decisions, Sebi eased its takeover norms for restructuring listed companies with stressed assets, a move that is expected to bolster efforts for bad loan resolution.
Major gainers were Sun Pharma, HDFC, M&M, Reliance Industries and Axis Bank. Hong Kong’s Hang Seng firmed up 0.18 per cent while Shanghai Composite rose 0.72 per cent. Japan’s Nikkei, however, fell 0.10 per cent in early trade today. The US Dow Jones Industrial Average closed 0.27 per cent lower yesterday.