Benchmark indices rallied sharply by 350 points, following the various exit polls, which predicted a clear victory for the BJP in Gujarat and a thumping win in Himachal.

The Sensex was up 350 points, while the Nifty was higher by 111 points in trade. Leading the rally was Vedanta, which jumped as much as 3 per cent, while heavyweight HDFC Bank was up 2 per cent. Other notable winners were the Gujarat based Adani Ports and Hindalco.

The only losers were Tech Mahindra and TCS from the Nifty space. Most of the sectoral indices were up 1-2 per cent, with banking and autos leading the pack.

The rupee meanwhile surged to a 3-month high of 64.10. Check Currency Rates here