Nifty crosses 9100-mark, Sensex up 500 points
Expectations that Modi`s win could also attract more foreign investors are also likely to lift the rupee, analysts said.
Domestic markets on Tuesday opened nearly 2% up after Prime Minister Narendra Modi's landslide win in Uttar Pradesh. The Modi's party Bhartiya Janta Party has come into power after 14-years.
At 0918 hours BSE Sensex was trading at 29,465.48, up 519.25 points or 1.79%, while NSE Nifty was at 9,113, up 178.45 points or 2%.
On 30-share benchmark, among top gainers were ICICI Bank (4.47%), HDFC (3.39%), Larsen & Toubro (2.28%), Mahindra & Mahindra (2.14%) and ITC (2.11%). No stocks were among the top losers.
On Friday, BSE Sensex had closed at 28,946.23, up 17.10 points or 0.06%, while NSE Nifty 8,934.55, up 7.55 points or 0.08%.
Stocks in focus:
Idea Cellular: On Sunday, the company had announced free incoming calls on domestic roaming and unveiled international roaming value packs that, it claimed, would prevent "bill shocks" to those travelling abroad.
The offers came on the heels of the larger rival Bharti Airtel announcing removal of all roaming charges for outgoing and incoming calls as well as SMSes and data usage within India, to take on competition from newcomer Reliance Jio.
NTPC: The company had announced that it has installed floating solar photovoltaic (PV) plant at Rajiv Gandhi Combined Cycle Power Plant (RGCCPP) at Kayamkulam in Kerala, as reported by The Economic Times.
Tata Elxi: The DiSTI Corporation, on Monday announced a strategic partnership with Tata Elxsi to deliver DiSTI’s GL Studio UI products with Tata Elxsi software services. Tata Elxsi developed their e-Cockpit demonstrator using DiSTI’s GL Studio UI Designer.
MPhasis: The company has announced that its shareholders have approved the proposal to buyback 1.73 crore equity shares worth about Rs 1,103 crore.
On global front, Sterling slipped after Britain's parliament paved the way for Prime Minister Theresa May to launch divorce talks with the European Union, while stocks advanced ahead of an expected US interest rate later in the week.
The MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.1%, while Japan's Nikkei inched down 0.1%.
Chinese shares saw early gains rolled back after combined retail sales for January and February rose only 9.5% from a year earlier, missing expectations of 10.5%.