An NiCr seed layer based bottom spin valve sensor element having a synthetic antiferromagnet pinned (SyAP) layer and a capping layer comprising either a single specularly reflecting nano-oxide layer (NOL) or a bi-layer comprising a non-metallic layer and a specularly reflecting nano-oxide layer. As a result of their structure and the method of their fabrication, these elements have higher GMR ratios and lower resistances than elements of the prior art.