BSE's Sensex closed 127.19 points higher at 38,672.91, while NSE's Nifty 50 was up 53.90 points at 11,623.90 points.

While Nifty 50 clocked its best returns since the financial year 2016-17, Sensex recorded the highest returns since 2014-15.

The benchmark indices for the third-straight financial year posted double-digit returns driven by stocks from the financial, IT and FMCG space. Also, there are specific heavyweights such as the RIL stock which has been dragging the Sensex higher.

Sensex and Nifty 50 gained by 17.30% and 14.93%, respectively as the financial year 2018-19 ends. Specifically in the ongoing month of March, due to a heavy fund inflow by foreign investors to the tune of over $5 billion plus the improvement in corporate earnings sentiment, boosted the gains on the stock exchanges.

Top gainers include stocks which have surged over 50% such as Bajaj Finance, RIL, Axis Bank, while there are still others who have gained in between 26-50% such as TCS, ICICI Bank, SBI and HUL.

There are losers on the stock exchanges whose market cap has declined by over 50% in the FY2019 including stocks such as DHFL, Jet Airways, Vodafone Idea, RIL, Reliance Capital, Reliance Infrastructure, Manpasand Beverages.

Still, despite the election-led volatility, it is noteworthy that global brokerages have placed a bullish bet on Indian stock markets.

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