The BSE Sensex soared 537 points and the NSE Nifty reclaimed the 11,400 level on Friday in a broad-based rally led by banking and auto stocks ahead of exit poll results, despite global headwinds.
Markets are pricing in the formation of a stable government and continuation of reforms, experts said.
The 30-share BSE benchmark closed 537.29 points, or 1.44%, higher at 37,930.77. Similarly, the broader Nifty rose 150.05 points, or 1.33%, to settle at 11,407.15.
During the week, the Sensex gained 467.78 points, or 1.24%, and the Nifty advanced 128.25 points, or 1.13%.
Bajaj Finance was the top gainer in the Sensex pack on Friday, surging 6.09%, after the company reported a 50% jump in net profit for the March quarter. Bajaj Auto too ended higher following strong results.
Hero MotoCorp, Maruti, Kotak Bank, HDFC, HUL, M&M, HDFC Bank, ITC, ICICI Bank, Axis Bank, Coal India, SBI, IndusInd Bank and Asian Paints were among the other gainers, rising up to 4.26%.
On the other hand, Yes Bank, Vedanta, Infosys, HCL Tech, Sun Pharma, TCS and NTPC shed up to 2.36%.
Investors lapped up banking and auto stocks, boosting key indices, ahead of the exit poll results scheduled for Sunday.
“Indian markets have shown tremendous strength before the long-awaited exit polls, despite the ongoing ambiguity in US-China trade talks.
“With the last phase of elections scheduled for Sunday, the all-round buying across the sectors reflects market’s anticipation that exit polls may indicate the formation of a stable government,” said Jagannadham Thunuguntla, cenior vice-president and head of research (wealth), Centrum Broking Limited.
Sectorally, the BSE auto, FMCG, finance, bankex and capital goods indices ended up to 2.45% higher. However, healthcare, IT and teck lost up to 0.99%.
Broader indices followed the benchmarks, with the BSE mid-cap and small-cap indices settling in the green.
The Indian rupee depreciated by 16 paise to 70.20 against the US dollar intra-day.
Global oil benchmark Brent crude was trading 0.26 % higher at USD 72.81 per barrel.