A benchmark index of Indian equities markets Monday closed 241 points higher on the back of hopes that the new Narendra Modi-led government would take steps to revive the economy.
The 30-scrip Sensitive Index (Sensex) of the S&P Bombay Stock Exchange (BSE) opened at 24,340.32 points and ended trade at 24,363.05 points, up 241.31 points or one percent from the previous day's close at 24,121.74 points.
The Sensex touched a high of 24,448.47 points and a low of 24,107.99 points intra-day.
Stellar gains were observed in capital goods, metal, oil and gas and bank stocks, while healthy buying took place in power and realty scrips.
However, information technology (IT), healthcare, fast moving consumer goods (FMCG) and technology, entertainment and media (TECK) stocks came under sustained selling pressure.
The S&P BSE capital goods index rocketed 1,123.85 points, metal index zoomed 755.01 points, oil and gas index surged 578.75 points, and bank index was higher by 443.72 points.
The power index was up 197.96 points, followed by consumer durables index which edged higher by 149.72 points while the realty index rose 110.90 points.
But the IT index fell 427.73 points, healthcare index declined by 378.03 points, FMCG index was lower by 278.25 points, and TECK index slipped by 168.59 points.
The wider 50-scrip Nifty of the National Stock Exchange (NSE) closed flat at 7,263.55 points, up 60.55 points or 0.84 percent.
The prominent Sensex gainers included: BHEL, up 16.94 percent at Rs.268.25; Coal India, up 12.73 percent at Rs.389.65; NTPC, up 10.35 percent at Rs.145.50; ONGC, up 8.17 percent at Rs.416.40; and Tata Power, up 7.95 percent at Rs.97.80.
Of the 30 Sensex scrips, 11 closed in the red. Among the major Sensex losers were Tata Consultancy Services, down 5.69 percent at Rs.2,034.70; ITC, down 5.45 percent at Rs.338.05; DrReddys Lab, down 5.22 percent at Rs.2,283.15; Infosys, down 4.88 percent at Rs.3,022.75; and Sun Pharma, down 4.83 percent at Rs.583.60.
Among the Asian markets, Japan's Nikkei closed 0.64 percent down, while Hong Kong's Hang Seng was lower by 0.04 percent. China's Shanghai Composite Index lost 1.05 percent.
In Europe, London's FTSE 100 was trading 0.31 percent down and the French CAC 40 Index was lower 0.35 percent. Germany's DAX Index had lost 0.14 percent at closing bell here.