Sensex and Nifty sharply advanced in the morning trade on Monday on the back of Maharashtra assembly election.

At close, the Sensex was up 992.74 points or 1.25 per cent at 80,109.85, and the Nifty was up 314.60 points or 1.32 per cent at 24,221.90.

Among the sectors, all finished the day on a strong note, with the PSU pack showing notable upward momentum, driven by expectations of a resumption in capex growth.

The Nifty PSU Bank surged 4.09 per cent, followed by Nifty Oil & Gas, Nifty PSE, Nifty Infra, Nifty Energy, and Bank Nifty, which rose between 1.7 per cent and 3 per cent. Nifty Midcap 100 index rose by 1.61 per cent, settling at 55,900, while the Nifty Smallcap 100 index recorded an even larger gain of 2.03 per cent and closed at 18,115.

The overall market capitalisation of BSE-listed firms jumped to ₹440 lakh crore, marking a gain of ₹7 lakh crore from the previous day’s close of ₹433 lakh crore.

On Nifty, the top gainers were Oil & Natural Gas Corporation (5.01 per cent), Larsen & Toubro (4.15 per cent), Bharat Electronics (4.09 per cent), Bharat Petroleum Corporation (3.74 per cent,) State Bank of India (3.48 per cent).While on the losing side were JSW Steel (2.46 per cent), Tech Mahindra (0.85 per cent), Infosys (0.66 per cent), Bajaj Auto (0.64 per cent), Asian Paints (0.51 per cent).

On BSE, over 200 stocks touched their 52-week high including, Coforge, Coromandel International, Federal Bank, Fortis Healthcare, Gillette India, HCL Technologies, HDFC Bank, Honasa Consumer, Indian Hotels, JSW Infra, KIMS, Laurus Labs, Mastek, NALCO, Paytm, Persistent Systems, Tech Mahindra, Wipro, among others.

Among the key performances of individual entities, shares of the Central Bank of India surged 9 per cent after RBI gave the public sector lender the go-ahead to enter the insurance business. Shares of Rail Vikas Nigam Limited (RVNL) jumped 4 per cent while RITES surged 7 per cent. HG Infra Engineering climbed nearly 4 per cent while JSW Steel declined over 2 per cent.

After BJP-led Mahayuti’s alliance sweeping win in Maharashtra state elections, bringing renewed focus on Centre’s capital expenditure (capex) plans, shares of Housing & Urban Development Corporation (HUDCO) jumped 5 per cent. The shares of J Kumar Infra skyrocketed 9 per cent.

After the recent election results, domestic brokerage Motilal Oswal anticipates that the government will shift its focus toward increased spending.The wedding season in 2HFY25 (30 per cent higher weddings YoY) will also provide a fillip to demand, the brokerage underscored.