India’s equity market on Monday extended the gains made on Friday as the BJP, the ruling party at the centre, performed exceptionally well in the important Maharashtra state elections and together with allies won a clear majority.

Indian stock markets surged on Monday, driven by the BJP's victory in Maharashtra and a rally in blue-chip stocks. Sensex hit 80,109.85, while Nifty rose to 24,221.90.

Mumbai: Benchmark equity indices Sensex and Nifty surged more than 1 per cent Monday, helped by a rally in blue-chip stocks and the BJP pulling off a stunning performance in Maharashtra, winning a record number of seats to propel the party-led ruling Mahayuti alliance to a landslide victory.

From the 30-share Sensex pack, Mahindra & Mahindra, Larsen & Toubro, State Bank of India, Reliance Industries, ICICI Bank and Bajaj Finance were the biggest gainers. JSW Steel and Infosys were the laggards.

Market analysts observed that the positive movement in the markets was a direct response to the Maharashtra election results, which saw the BJP-led coalition secure a decisive win. If historical trends hold, the market is expected to see a short-term rally as the BJP's victory is seen as favourable for business sentiment.

Sensex closed above the key 80,000 mark on Monday with Nifty too breaching the 24,000 mark. The 30-stock index ended 992.74 pts higher at 80,109 and Nifty rose 314 pts to 24,221.

Nifty 50 concluded today's session, November 25, with a gain of 1.32%, closing at 24,221 points. The Sensex also ended the session higher, gaining 1.25% to close at 80,109 points.