The 30-share bluechip index, which had gained over 1,560 points in five sessions previously, surged 1,470 points to hit a new life-time high of 25,375.63 in early trade fuelled by hopes that BJP government would fast-track reforms and accelerate economic activity.
    
However, massive profit-taking pulled the Sensex down and it briefly slipped into negative territory to touch low of 23,873.16. At close, the Sensex ended at a new closing peak of 24,121.74, a rise of 216.14 points or 0.90 percent - extending gains for the second straight session.
    
In terms of market capitalization, investor wealth rose by Rs 1 lakh crore to end at Rs 80.64 lakh crore.
    
The 50-scrip Nifty of NSE also crossed 7,500-mark for the first time in history to a high of 7,563.50, up 440.35 points or 6.18 per cent. However, like Sensex, it came down at the fag-end to settle at 7,203.00, showing a rise of 79.85 points or 1.12 percent.
    
"Markets have surely cheered the Modi-led BJP's win today, however major concerns in coming future is the economic recovery of the country, necessary actions to be taken related to reform measures and highlights in the coming Union Budget," said Rakesh Goyal, senior vice president, Bonanza Portfolio.     

Trends show that BJP alone would end up with nearly 280 seats, first time in about 30 years that a single party will win the majority in Indian Lok Sabha elections.
    
"We remain bullish on Indian equities. It may be early to book profits," foreign bank UBS said in a report adding that its Nifty target for end-2014 is 8,000.
    
Among the 30-Sensex components, SBI (5.93 percent), HDFC Bank (2.11 percent), ICICI Bank (5.15 percent) Axis Bank (5.60 percent), Larsen and Toubro (3.52 percent), Reliance Industries (2.59 percent), ONGC (1.83 percent) and NTPC (2.01 percent) clocked smart gains. Sesa Sterlite was the best performer with 11 percent gain.     

Realty, banking, power, capital goods, refinery and metal counters attracted heavy buying interest while shares from IT, FMCG, pharma, tech and consumer durable fell on selling.
    
IT shares were at the receiving end following rise in the rupee value. In the forex market, the rupee climbed to about 11-month high of 58.62 against US dollar and was last trading at 58.98.

Dipen Shah, Head- Private Client Group Research, Kotak Securities, said, "We expect new government to take steps to increase public investments and encourage private investments in infrastructure, ensure better governance, reduce fiscal deficit (including control of wasteful subsidies), implement structural reforms like GST, DTC etc."
    
Experts also appear confident of markets in the short-term.
    
"In Monday, we may see volatility to continue on street as participants would be re-evaluating existing bets and balancing positions accordingly. It’s evident that positive bias is here to stay," said Jayant Manglik, president - retail distribution, Religare Securities.
    
Eighteen scrips out the 30-share Sensex firmed up while others declined.
    
Major gainers from the Sensex pack were Sesa Sterlite (11.11 percent), SBI (5.93 percent), Axis Bank (5.6 percent), BHEL (5.25 percent), ICICI Bank (5.15 percent), Tata Power (3.72 percent), L&T (3.52 percent), Bharti Airtel (3.33 percent), Reliance Industries (2.59 percent), Tata Motors (2.59 percent), HDFC Bank (2.11 percent) and NTPC (2.01 percent).
    
However, Tata Steel dropped by 4.40 percent, followed Dr Reddy Lab (2.95 percent), Infosys (2.83 percent), ITC (2.81 percent), Wipro (2.61 percent), Cipla (2.47 percent), HDFC (1.88 percent), Hero Motocorp (1.78 percent), TCS (1.64 percent), Sunpharma (1.38 percent) and HUL (1.30 percent).
    
Among the S&P BSE sectoral indices, Bankex rose by 4.39 percent, followed by Realty (5.97 percent), Power (3.33 percent), Refinery (2.65 percent) and Metal (2.61 percent) while IT dropped by 2.22 percent, followed by FMCG (1.85 percent), Healthcare (1.39 percent), Teck (1.27 percent) and Consumer Durable (0.97 percent).
    
Reflecting heavy profit-selling in second-line stocks, 1,379 finished with losses while 1,425 shares ended up. Total turnover spurted to Rs 6,808.44 crore from Rs 3,223.00 crore on Thursday.

(Agencies)

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