Benchmark indices Sensex and Nifty closed at record closing highs as investor sentiments were buoyed with optimism with the BJP-led NDA winning the 17th Lok Sabha election with two-third majority in the general election and coming back to power for the second-term.
While NSE Nifty surged over 187 points to close at a fresh lifetime high of 11,844.10, Sensex shot up over 623 points to close at a record high of 39,434.72 today. Overall 44 components closed in the green on Nifty. On Sensex, 26 stocks out of 30 closed in the green.
Market breadth today tilted in favour of buyers, as 1362 stocks advanced on NSE contrary to 297 declining with 79 remaining unchanged.
Similarly, on BSE, 1834 stocks ended in the green against 690 bearish stocks while 157 remain unchanged.
All sectoral indices on Nifty ended higher, with major gains led by the Nifty PSU Bank, of over 5 per cent, followed by 4.4 per cent gains in realty index and 3 per cent gain on Infra and Auto stocks.
Nifty closed merely 1.66 per cent away from the all-time high of 12,041.15, hit on Thursday morning when counting of votes started. The 30-share BSE Sensex has risen over 1,503 points and the broader Nifty gained 437 points during the week.
ICICI Bank topped the Sensex gainers' chart, spurting 5.09 per cent, followed by L&T, Bharti Airtel, Vedanta and Tata Motors, rising up to 4.60 per cent. Bucking the overall trend, NTPC, HCL Tech, TCS and HUL ended in the red.
Additionally, by the closing hour, volatility index lowered to 16.5450, down by 2.86 points or 14.73 per cent from the previous close as well as today's opening value of 19.4050.
During the week, equity market volatility remained up with news revolving around the Lok Sabha poll results. India VIX recorded its 52-week high of 30.1825, on May 22.
Market experts believe the consistency in leadership has kept investors sentiments buoyant as it is necessary for the overall economic growth and should shore up sentiment among foreign investors.
The second consecutive victory for the Modi-led coalition will ensure continuation in current economic policies and reform measures initiated during the NDA's first term.
The Sensex started on a positive note at 39,076.28 and shuttled between a high of 39,476.97 and low of 38,824.26 during the session. The NSE Nifty opened at 11,748.00 and hit a high of 11,859.00 and a low of 11,658.10 during the day. Moreover, equity market turnover stood at Rs 3,618.62 crore on BSE platform and Rs 41,507.74 crore on NSE.
Asian stocks ended mixed on Friday as investors globally remained cautious over the ongoing trade tussle between the US and China.