Benchmark equity indices Sensex and Nifty soared nearly 4 percent in early trade on Monday, reaching new all-time highs after exit polls indicated a decisive victory for the BJP-led NDA in the Lok Sabha elections.
The 30-share BSE Sensex surged 2,777.58 points, or 3.75 percent, to a record peak of 76,738.89. Meanwhile, the NSE Nifty jumped 808 points, or 3.58 percent, to hit a fresh high of 23,338.70.
Exit polls on Saturday suggested that Prime Minister Narendra Modi is set to secure a third consecutive term, with the BJP-led NDA projected to achieve a substantial majority. The vote counting is scheduled for June 4.
All 30 Sensex companies were trading positively. Major gainers included Power Grid, NTPC, Larsen & Toubro, State Bank of India, Axis Bank, IndusInd Bank, ICICI Bank, and Mahindra & Mahindra.
In related news, the Indian rupee strengthened by 42 paise to 83.00 against the US dollar in early trade. India's economy grew by 8.2 percent in the fiscal year ending in March, reinforcing its status as the fastest-growing major economy globally.
In Asian markets, Seoul, Tokyo, and Hong Kong were trading higher, while Shanghai saw a decline.
US markets mostly ended higher on Friday. Foreign Institutional Investors (FIIs) purchased equities worth Rs 1,613.24 crore on Friday, according to exchange data. Meanwhile, global oil benchmark Brent crude edged down 0.04 percent to USD 81.08 a barrel.
On the previous trading day, the BSE benchmark had risen by 75.71 points, or 0.10 percent, to close at 73,961.31, while the Nifty advanced by 42.05 points, or 0.19 percent, to finish at 22,530.70.
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