A morning walk down Dalal Street

What a day for India markets! The S&P BSE Sensex ended at a fresh closing record high while Nifty reclaimed its crucial resistance level of 11,080 on Monday.

Trust vote victory for BJP lend a positive signal to markets and has also brought alliance woes to the fore, also cut in GST rates on over 50 items fuelled rally in consumption and capital goods stocks.

Nifty is just 100-point away from hitting a record high but the rally is not broad-based.

In fact in Monday’s trading session when Sensex hit a record high, more than 300 stocks hit a fresh 52-week low which not a welcome sign for the bulls.

Most experts are of the view that we are knocking on the door of record high which could well come in if not in July then in August series as long as the index trades above 11,080.

Rupee and crude are stable so that should comfort the bulls and if corporate earnings also come in line or better than estimates then surely we are looking at record highs on the index.

BSE, NSE put in place measure for enhanced monitoring of companies. Under the new criteria, securities having a net worth of less than or equal to Rs 10 crore and net fixed assets of less than or equal to Rs 25 crore are eligible for inclusion under the GSM framework.