The Sensex and the Nifty surged in trade ahead of Modi's swearing-in ceremony as the Prime Minister of the country continuing the buoyancy witnessed in the last few trading sessions on economic hopes set to be ushered in by the new government. The Sensex was last trading at 25,002 points, up 304 points, while the Nifty was up 74 points in trade.
All of the 30 Sensex stocks were trading in the green with Mahindra and Mahindra leading gainers along with Bharti Airtel, ICICI Bank, Sesa Sterlite and Gail.
Infra stocks were in the limelight with IRB Infra up 5 per cent, while Gammon India and Gammon Infra were both locked at the upper end of the circuit filter. Hindustan Construction Company another construction player was also up 2 per cent in trade.
NTPC was up as much as 4 per cent after reports that the company will foray into coal mining by starting production at its Chatti-Bariatu mines in Jharkhand by the end of the current financial year.
Sun Pharma and Ranbaxy Labs were both trading higher after the Andhra Pradesh high court vacated stay orders it issued last month on the merger of two firms.
Mid cap stocks were on fire with notable gainers being Ashok Leyland and Reliance Capital.
Once again the stars in trade were the mid cap banking space with gainers being Allahabad Bank, Andhra Bank and Union Bank of India. Dhanlaxmi Bank was among the few losers in trade after the bank reported losses for the quarter ending March 31, 2014.
Meanwhile, markets across Asia were trading higher after firm closing in the US on Friday.