Indian markets wrapped today's session on a buoyant note. The sentiment was boosted as the cabinet cleared GST Bill. At the close, the benchmark 30-share index, BSE Sensex added 416.44 points or 1.56% at 27,126.57 with 26 components registering rise. Meanwhile, the broad based NSE Nifty went up by 129.50 or 1.61% at 8,159.30.

Commenting on the outlook, Sanjeev Zarbade, vice president - PCG Research, Kotak Securities said, "Indian markets bounced back strongly helped by the US markets which ended sharply up yesterday after dovish comments from the Fed and a rise in crude prices on fall in inventory data. Fed Chair Janet Yellen said in her last news conference of 2014 that the Fed is unlikely to start its rate hike process for at least the next couple of meetings."

"Federal Reserve retained the phrase considerable time in its policy statement, and also introduced another word patient. So far as Indian market is concerned, progress on reforms like GST would be taken positively. Soft crude price is a key positive. We continue to be positive on market but advise investors to focus on stocks with good management quality, robust growth potential and reasonable valuations," he added.

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