The benchmark BSE Sensex jumped over 960 points to 38,892.89 and NSE Nifty rallied over 200 points to vault past 11,650 in early trade Monday. The rupee appreciated 79 paise to 69.44 against the US dollar in opening trade Monday after exit poll results suggested another term for the ruling NDA government, even as crude oil prices firmed up.
The Indian rupee and bonds rallied at market opening on Monday after exit polls suggested the election will give a clear mandate for the ruling party led coalition. But traders said market gains would be kept in check ahead of the vote counting on Thursday.
The partially convertible rupee was trading at 69.49/50 per dollar at 0343 GMT, after rising to 69.3550 earlier, making it up 1.2 per cent on the day. The gain, if sustained, would be the highest since December.
The rupee had closed Friday at 70.22. Further gains in the rupee will also depend on flows into the stock markets.