The markets made a powerful comeback on Monday as the Sensex rallied almost 216 points and reclaimed the 29,000-mark to close at a 2-year high, taking comfort from progress in GST and cashing in on gains in heavyweight RIl. The all-powerful GST Council approved the final draft of central GST (C-GST) and integrated GST (I-GST) and will take up for approval the state-GST and Union Territory-GST (UT-GST) laws at its next meeting due March 16, which instilled a sense of confidence in investors.
“Domestic market rallied despite a strong hint of a possible March rate hike by the US Fed and setback for IT sector due to temporary suspension of H1B visa. The current buoyancy in the market is led by positive cues like GST, state elections and FII inflows,” said Vinod Nair, Head of Research, Geojit Financial Services.