A decisive mandate in favour of the Modi-led NDA and a near consensus on earnings revival in FY20 are expected to drive the markets higher this year, despite global headwinds
The 30-share Sensex also saw its all-time peak in intra-day trade at 40,308.90.
According to traders, market turned choppy tracking weak cues from global markets and fresh selling of equities by FIIs.
After rallying nearly 400 points, the 30-share index ended 248.57 points, or 0.63 per cent, higher at 39,683.29 -- its all-time closing high.
The broader NSE Nifty was up 0.35% at 11885.75 as of 0500 GMT, while the benchmark BSE Sensex was trading 0.42% higher at 39601.55.
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The broader NSE Nifty spurted 54.15 points, or 0.46 per cent, to 11,711.20.
Sitting BJP MP Anurag Thakur is leading by 3,84,922 votes in Hamirpur over his nearest rival Ram Lal Thakur of Congress.
In a similar movement, the broader NSE Nifty soared 421.10 points, or 3.69 per cent, to 11,828.25.
Most exit polls on Sunday forecast another term for incumbent Prime Minister Narendra Modi.
The 30-share BSE benchmark closed 537.29 points, or 1.44 per cent, higher at 37,930.77
Both the key indices rallied in the last hour of trade after trading on a tepid note through most part of the day.
The 30-share index was trading 98.07 points, or 0.26 per cent, higher at 37,416.60. The broader NSE Nifty was also trading 21.65 points, or 0.19 per cent, up at 11,243.70.
The NSE gauge Nifty opened higher at 11,151.65 and touched a high of 11,294.75 and low of 11,108.30 during the session
The BSE gauge Sensex fell 61.88 points to trade at 37,028 in early deals, while the NSE Nifty declined 18.45 points to 11,129.75