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 16 March, which instilled a sense of confidence in investors.
The index ended 215.74 points up, or 0.75 percent, at 29,048.19 — its highest closing since 5 March, 2015, when it had closed at 29,448.95.
The index has lost 152.04 points over the past two days.
The optimism led to the NSE Nifty gaining 65.90 points, or 0.74 percent, to end at 8,963.45, a level last seen on 3 March, 2015, too when it settled at 8,996.25.
The rupee notched up gains against the dollar, which added to the sunny side.
First Post, 6 March 2017