With counting of votes underway in five states on Thursday, Sensex jumped over 1,100 points in opening session at 56,242.47. NSENifty was up 400 points to start at 16,670.
The 30-share BSE benchmark index opened in the green and further zoomed 1,595.14 points, continuing its rally for the third day.
From the 30-share Sensex pack, Axis Bank, State Bank of India, ICICI Bank, Indusind Bank, Maruti Suzuki India and Hindustan Unilever Limited were the biggest gainers in early trade, jumping up to 4.85 per cent. In contrast, Tata Steel was the lone laggard.
Meanwhile, rupee rose 38 paise to 76.24 against US dollar in early trade.
In the previous trade, the BSE benchmark settled at 54,647.33, higher by 1,223.24 points or 2.29 per cent, notching up the biggest single-day gain since February 25. The Nifty also climbed 331.90 points or 2.07 per cent to end at 16,345.35.
Meanwhile, international oil benchmark Brent crude jumped 1.66 per cent to USD 113 a barrel.
Foreign institutional investors continued their selling spree in Indian markets as they offloaded shares worth ₹4,818.71 crore on a net basis on Wednesday, according to exchange data.
"The outcome of the Uttar Pradesh election will be widely watched by markets because it will set the tone for how the ruling Bharatiya Janata Party approaches and prepares for the general elections in 2024," according to Mohit Nigam, Head - PMS, Hem Securities.
{{/usCountry}}"The outcome of the Uttar Pradesh election will be widely watched by markets because it will set the tone for how the ruling Bharatiya Janata Party approaches and prepares for the general elections in 2024," according to Mohit Nigam, Head - PMS, Hem Securities.
{{/usCountry}}(With agency inputs)