Benchmark indices rallied for a second consecutive session as investors welcomed Prime Minister Narendra Modi's Bharatiya Janata Party's (BJP) strong showing in Maharashtra elections. Also, passive buying from foreign portfolio investors (FPIs) due to Morgan Stanley Capital International (MSCI) rebalancing supported the gains.
The S&P BSE Sensex closed at 80,110, up 993 points or 1.3 per cent. The National Stock Exchange Nifty ended the session at 24,222, a gain of 315 points or 1.3 per cent. The Sensex reclaimed the 80,000 mark after 11 sessions. In the last two sessions, the Sensex rose by 3.8 per cent and the Nifty by 3.7 per cent.
FPIs purchased shares worth ₹9,948 crore, the highest since September 20. They have been net sellers daily since September 27, when the indices hit new highs. Meanwhile, domestic institutional investors sold shares worth ₹6,907 crore, their largest single-day selling ever.
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