(LiveMint)
The markets made a powerful comeback on Monday as the Sensex rallied almost 216 points and reclaimed the 29,000-mark on hopes the ruling Bharatiya Janata Party (BJP) would win the ongoing elections in Uttar Pradesh. The elections are the world’s largest this year and will have a key influence on Prime Minister Narendra Modi’s chances of clinching a second term in 2019. Election results are due out on Saturday.
Sentiment was also boosted as the country moved a step closer towards launching a long-awaited Goods and Services Tax (GST) from July after a panel of central and state finance officials finalised two key bills to be put before parliament.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 expectation is that the BJP government will come into power in UP, and that is possibly driving the market a little more confident than before,” said Deven Choksey, managing director at KR Choksey Shares and Securities.
