Nifty closes above 12,000 for first time: Latest 1,000 pts take 333 days

Investors are hoping RBI will cut interest rates and take measures to shore up growth

The Nifty50 on Monday closed above 12,000 for the first time — 333 days after it achieved the 11,000-milestone. The index of blue-chip companies had first closed above 11,000 on January 23, 2018. 

Since then, the market has been on a topsy turvy ride, with a host of global as well as domestic factors impacting the index. The latest surge in the market has come on the back of Narendra Modi’s re-election as prime minister. 

Also, investors are hoping the Reserve Bank of India (RBI) will cut interest rates and take measures to shore up growth. The market is eyeing big bang announcements from the newly-elected government, especially in the Union Budget scheduled for July 5.