Companies looking to list on the BSE's SME platform need to have post-issue paid up capital of a minimum Rs 3 crore.

BSE Sensex closed higher by 216 points, or 0.75%, to 29,048, while the Nifty 50 rose 66 points, or 0.74%, to 8,963.

Mumbai: 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.

Also Read| UP election 2017: Campaign ends with showdown in Varanasi

The 30-share barometer remained up throughout and hit a high of 29,070.20, powered by a rally in RIL and other blue-chips. The index ended 215.74 points up, or 0.75%, 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%, 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.

Reliance Industries came out top on the heap, surging 3.69% and settling at a fresh 9-year high of Rs 1,304.90, after the company announced that the promoters will be reshuffling their shareholding.

RIL has gone up by over 21% after its telecom venture Jio said last month that it will begin charging for data services from April. Dredging Corporation rallied 12.68% to close at Rs 502, largely on reports of possible stake sale. Capital inflows continued, which ensured both the Sensex and the Nifty were back at their crucial levels.

Foreign portfolio investors (FPIs) net bought shares worth Rs1,528.48 crore on last Friday, according to provisional data. Globally, major Asian indices closed mixed. China’s Shanghai Composite and Hong Kong’s Hang Seng rose.

Japan’s Nikkei, however, fell as the yen jumped after North Korea fired four ballistic missiles, three of which landed in Japanese waters.

European shares sank at the start of trade after Germany’s troubled Deutsche Bank unveiled plans over the weekend to raise 8 billion euros ($8.5 billion) in fresh capital. Other major gainers that fed the rally were Adani Ports (2.48%), Tata Motors (2.30%), Bharti Airtel (1.81%) and SBI (1.79%).

As many as 23 stocks finished higher while seven, including TCS, Hindustan Unilever and Dr Reddy’s, ended lower. On the sectoral front, oil & gas zoomed 1.32%, followed by infrastructure, auto and power. Broader markets such as the BSE mid-cap and small-cap went up.

Shoot

Trending News

Mumbai: Now, Uber fare to factor in fuel rate fluctuation

Amazon, Flipkart under ED probe for alleged violation of FDI norms

Paytm sets up wholesale entity for ecomm business like rivals

Uber posts $1Bn loss in quarter as growth in bookings slows

Infosys to open Texas hub, hire 500 Americans by 2020

Swiggy's $300M secondary share sale to be the fastest liquidity event for growth-stage investors

Over half of billion-dollar startups in US are founded by immigrants

Apple to tighten e-commerce play in India post Amazon deal

Amazon Wholesale's FY18 revenue up 73% due to B2B focus

Twitter cuts suspect users from follower counts again

Payments majors Visa, Mastercard and American Express may be taxed on India income

IRCTC wakes up after 2 years to fix its security bug

Alibaba's on-demand online services unit raises $4Bn, now valued at $30Bn: Sources

Twitter is looking to take the conversation to Bharat next

Bharat going digital for payments

Reserve Bank of India plans payments watchdog

Apple not in settlement talks 'at any level' with Qualcomm: Report

Payment cos witness growing adoption of digital gold during festival season

Meesho raises $50M from DST, Shunwei, RPS Ventures

BMTC will soon allow commuters to buy tickets using digital wallets

Flipkart, Amazon India register significant user base growth during the festive month

Rural e-commerce market a $10b-$12b opportunity in the next four years

Amazon goes shopping for Future Retail, to buy 9.5% stake

Walmart’s veggie-tracking technology: Use Blockchain

India's oldest cryptocurrency exchange Zebpay shuts down

Apple's growth in India is becoming a challenge: Tim Cook

Google India tax row: $2 billion remittance in 5 years may add to tech giants load

Want WhatsApp to cooperate with law enforcement agencies: RS Prasad

Flipkart acquisition won’t hit Walmart India plans

Twitter India earnings fall 14% in 2017-18

Alibaba to help manufacturers solve future problems with technology: Jack Ma

Ola likely to hit $5.5Bn valuation with Steadview's $100M investment

Flipkart India losses widen to Rs 2,063.8 crore in FY18

Google to give away USD 25 million to fund humane AI projects

Swiggy FY18 revenues surge 232% to Rs 442 Cr, inches closer to Zomato

Paytm's losses go up 270% to Rs 3,393 Cr driven by e-tail business

Flipkart told to stop selling products under MarQ private label

Once considered as rivals, Ola and Uber could now be saviour of autorickshaws

HCL Tech to hire nearly 30,000 people, applies for 640 H-1B visas

Zensar Technologies Q2 profit up 49% at Rs 93 crore

Facebook beyond Facebook? Instagram, Messenger & WhatsApp step up

Paytm Mall expects fashion, grocery to drive its growth

HDFC Bank Q2 net profit climbs 21% to Rs 5,005 crore on robust core income

Zomato, Swiggy and UberEats double salaries of delivery staff in some cities

Funding Galore: Indian Startup Funding Of The Week

“Over $3 Bn Was Invested Across 372 Deals With 54 Mergers & Acquisitions”

E-commerce players brace for big battle over online pharma

Walmart signs 5 year Cloud tech partnership with Microsoft

Flipkart adds recharge, travel tabs

Unhappy with WhatsApp reply, Indian govt may send second notice

Cars24 closes $50M funding to fuel its expansion plans

Agritech startups Sabziwala and LivLush merge their business under new entity Kamatan

Avail Finance lands $17.2M from Matrix Partners & Ola, Freecharge and Flipkart founders

RBI suggests tax sops, self-regulation to build fintech space

Swiggy hires new CEO for its Access Service, gets new CFO

Logistics company Delhivery registers 44% increase in FY17 revenues

WeWork to acquire one of the oldest social networks, Meetup

Qualcomm rejects Broadcom's $103 billion offer

EasyRewardz gets $2 million Series-A funding

'Anemic' iPhone 8 demand drags Apple shares lower

Lending platform Lenden Club gets Rs 3.5cr in Equity Investment

On festive sales, Flipkart says 65% clients from Tier-II cities