Rally in banks helped the 50-share NSE Nifty end March series at record closing high on Thursday. Clearance to all four GST bills in the Lok Sabha also boosted market sentiment, raising hopes for timely implementation of GST with effect from July 1.
Experts maintained bullish stance on market, especially due to consistent progress towards likely implementation of GST from July 1 and after landslide victory of BJP in Uttar Pradesh.
The broader markets also gained momentum, with the BSE Midcap rising 0.4 percent and Smallcap up nearly a percent. About two shares gained for every share falling on the exchange. Nifty Bank ended at record closing high of 21,620.70, up 1.07 percent as Punjab National Bank, IndusInd Bank and SBI gained 1-3 percent. Investors awaited announcement on NPA resolution from the government.