The BSE Sensex today crossed 24,000 level for the first time and ended at a new closing peak of 23,871.23, recording gains of 320 points after exit polls showed the BJP-led NDA is projected to form the next government.
The NSE Nifty also spurted by 94.50 points to close at a new record of 7,108.75, after logging a fresh all-time intra-day high of 7,172.35 points.
During the session, the 30-share BSE Sensex scaled its fresh life-time high of 24,068.94 points. It settled for the day at 23,871.23, a third straight record closing. This was a gain of 320.23 points, or 1.36 per cent over Monday's close. The Sensex has now spurted by over 1,500 points in three days.
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Stocks of power, consumer durables, oil and gas, IT, PSUs, capital goods, realty and FMCG continued their winning spree.
The BJP-led NDA is projected to form the government at the Centre with exit polls on Monday night giving between 249 and 290 seats to the Narendra Modi-led grouping, which is close to the half-way mark in the 543-member Lok Sabha.
"Market sentiment has been boosted by exit poll results indicating that BJP shall be able to win by majority. Investors have pegged strong hopes with the new government and optimism is seen ahead of final results," said Rakesh Goyal, Senior Vice President, Bonanza Portfolio.
The broad-based Nifty of the National Stock Exchange gained 94.50 points, or 1.35 per cent, to settle at record closing of 7,108.75. Its earlier peak on a closing basis was 7,014.25. In three days, Nifty has gained about 450 points.
Shares of Bharat Heavy Electricals Ltd (BHEL) surged 10.25 per cent to Rs 218.80 following reports that the Cabinet is likely to ratify the decision to sell 4.66 per cent stake in the power equipment maker through a block deal.
Other prominent contributers to the Sensex were Reliance Industries which rose 3.15 per cent, Hero MotoCorp by 5.39 per cent, Larsen and Toubro by 1.56 per cent, ONGC by 3.81 per cent and Tata Power by 3.62 per cent.
With continued improvement in trading sentiments, buying activity by retail investors spread to small-cap and mid-cap stocks, brokers said.
Dipen Shah, Head- Private Client Group Research, Kotak Securities says, "Expectations are now of a stable Government at the Centre and that has