Mumbai: The S&P BSE benchmark Sensex climbed to a all-time high of 23,410.36 in the early trade on the back of strong buying ahead of results of exit polls which are likely to start coming in from this evening, coupled with strong foreign capital inflows.
Foreign institutional investors (FIIs) bought shares worth a net Rs 1,268.78 crore as per provisional data from the stock exchanges.
Investors are hoping that a stable government which will complete its full term of five years in office comes to power after the elections.
The Sensex resumed higher at 23,031.11 and rose to an all-time peak of 23,410.36 before quoting at 23,281.48 at 1000hrs, showing sharp gain of 287.25 points or 1.25 per cent from its last weekend's level.
The NSE 50-share Nifty also rose by 77.90 points or 1.11 per cent to 6,934.70 at 1000hrs after hitting life-time high of 6,975.70.
Major gainers were Reliance Ind (3.63 per cent), SBI (2.73 per cent), Axis Bank (2.36 per cent), HDFC Bank (2.12 per cent), Larsen (1.87 per cent), Hero Motocorp (1.71 per cent), Gail India (1.70 per cent), HDFC (1.62 per cent) and BHEL (1.60 per cent).
However, most Asian stocks fell in their early trade after Chinese President Xi Jinping said the nation needs to adapt to a “new normal” in the pace of economic growth. Key benchmark indices in Taiwan, Singapore, South Korea and Japan were down 0.03 per cent to 0.5 per cent while ndices in Hong Kong, China and Indonesia were up 0.34 per cent to 1.55 per cent.
US stocks rose with the Dow Jones Industrial Average ended at a record high on last Friday, boosted by IBM, while a rebound in high-growth momentum names helped the broader market.