3:31 p.m. Sensex ends 216 points higher at 24,121 after earlier rallying 1470 points on BJP’s big win. Though the markets came off sharply from its day’s high of 25,375.63, buying was seen at lower levels and it is likely to keep markets supported, says market expert Deven Choksey.

Though markets lost some momentum from its highs, Samir Arora of Helios Capital says he is super-bullish on Indian markets on BJP’s big win. (See Video)

Madhav Dhar, Managing Partner of GTI Capital, says “though markets have run up ahead of itself temporarily, I am bullish on the Indian economy not just for political reasons but for structural factors.” A strong mandate will help the government to take hard decisions, he adds. His Nifty target: 15,000. (See Video)

3:05 p.m. CLSA’s Christopher Wood in the newsletter Greed & Fear says decisive mandate gives Modi a much greater chance of effecting real change and driving a new investment cycle.

“The challenge is clearly India’s federal structure and the considerable powers of chief ministers in individual states. Still given the decisive message the electorate has sent there will be huge pressure to go along with Modi’s programme which is all about generating jobs via attracting investment,” he adds.

Christopher Wood has added Jaiprakash Associates to Greed & Fear’s Asia ex-Japan long-only portfolio. He says though Jaiprakash is already up 127 per cent in the past nine months, it could benefit if there is a new investment cycle in India.

2:30 p.m. National Stock Exchange’s index for public sector banks lost some momentum after rising over 10 per cent. It traded 6 per cent higher.

Canara Bank traded with 9 per cent gains at Rs 364 compared to day high of Rs 414.70 and Andhra bank was up 8.6 per cent at Rs78.10, against day high of Rs 88.20.

2:03 p.m. Markets lose some momentum. Sensex up 261 points to 24,167 while Nifty up 95 points to 7,218. Despite the profit-taking, Samir Arora of Helios Capital says he is super-bullish on Indian markets on BJP’s big win. (See Video)

1:40 p.m. Madhav Dhar, Managing Partner of GTI Capital, says “though markets have run up ahead of itself temporarily, I am bullish on the Indian economy not just for political reasons but for structural factors.” A strong mandate will help the government to take hard decisions, he adds. His Nifty target: 15,000. (See Video)

1:20 p.m. HSBC’s on Indian Economy as NDA Heads for Big Win: “It is important to not overestimate the potential impact of the election on the real economy in the short term, given the time it will take to implement the needed economic reforms and execute investment projects.”

HSBC maintains its India growth forecast of 5.3% in the FY2014-15, which was predicated on a strong mandate.

“If the new government can put in place key economic reforms over the next couple of years and begin to address infrastructure gaps, it will have significant implications for growth over the medium term, which could lift growth to around 7% by FY2016-17,” HSBC says in a note.

1:05 p.m. ICICI Securities on NDA’s big win: ‘Beginning of a new era’. Its year-end Nifty target: 8,100. It picks: RIL, ONGC, L&T, Axis Bank, PNB, IDFC, Coal India, UltraTech Cement, Tata Motors, Maruti, Power Grid and Oberoi Realty

12:55 p.m. Markets pare gains amid profit taking. Sensex off 800 points from day’s high at 24,581, Nifty up nearly 3 per cent at 7,331 (Track markets)

12:26 p.m. Madhav Dhar, managing partner of GTI Capital, to NDTV: Markets temporarily ahead of itself in the short-term but he is bullish on the long term. His Nifty target: 15,000 (Track markets)

12:05 p.m. Some analysts expect the beginning of a new bull run for Indian markets. NDA is set for a big win. “This is the best thing that could have happened for the market, we couldn’t have asked for anything better than this. I think this is the beginning of a new growth cycle of India, this is the beginning of new bull market,” Pankaj Murarka of Axis Asset Management told Reuters.

11:50 a.m. IT stocks fall as rupee strengthens to near 10-month high of 58.63. CNX IT index is down 0.6 per cent. Tech Mahindra, Infosys and Wipro are down between 0.3 per cent and 1 per cent. (Track markets)

11:35 a.m. Market update: Sensex off day’s high, trading 763 points higher at 24,668. At its day’s high, Sensex hit 25,375.63. Nifty up 236 points to 7,359 after hitting 7,563.50 at its day’s high. (Track gainers)

11:25 a.m: Rahul Bhasin, Managing Partner of Baring Private Equity Partners, says “macro-economic management in last 5 years was unmitigated disaster” and “there is a lot of great hope that a new government will sort this out…but this hangover will take a couple of years to sort out.”

11 a.m: BJP on its own is nearing majority. Noted industrialist Adi Godrej said the new government should restore ease of doing business in India, address the tax rules and provide fiscal stimuli to boost industrial production needs. (See Video)

10:55 a.m. MS Unnikrishnan, MD of Thermax, says a Modi government is coming at the right time for India. Only manufacturing sector can provide the kind of jobs that India needs and Modi’s victory would be good for the sector, he said.

10: 45 a.m. Experts says though expectations are high from a Modi government but recovery likely to take time (Read story)

Rahul Bhasin, Managing Partner of Baring Private Equity Partners India, says it will take nearly 18 months for a Modi government to lead a real improvement in Indian economy.

10:20 a.m. Adani Group stocks surge as Modi’s BJP set for big win. Adani Enterprises surged as high as 9.5 per cent to Rs. 549.9, Adani Ports and SEZ gained 6.8 per cent to Rs. 235.4, while Adani Power shares rallied 8.6 per cent to Rs. 59.50. (Track Adani Group Stocks)

(See: Adani Group Shares Lead as BJP Approaches the Winning Number)

10:01 a.m.  PSU banking stocks soar, with the PSU Bank Index on NSE surging  over 10% as NDA set for big win. (See: PSU Bank Index Surges Over 10% as NDA Set for Big Win)

Canara Bank surged over 20 per cent, Andhra bank gained 16.27 per cent whereas Syndicate bank and Oriental Bank of Commerce both gained over 11 per cent. (Track Banking Stocks)

9:50 a.m. Market update: Sensex soars nearly 1450 points to 25,353.16; Nifty at 7,517, up 394 points (Track gainers)

9:40 a.m. Banking stocks are on fire today. Bank Nifty surges 7.8 per cent to 15,347. Former SBI chief Pratip Chaudhuri says the expectation is interest rates will come down and banks to see gains on their mark-to-market portfolio. Besides, a rebound in economy will have a positive effect on NPAs, he added.

9:35 a.m. Sensex hits 25,000, up nearly 1100 points, as leads show NDA set to form government

9:25 a.m. Market update: Banking stocks lead gains. Bank Nifty surges nearly 7 per cent. PNB, ICICI Bank, SBI, Kotak Mahindra Bank and IndusInd Bank each up over 7 per cent. ICICI Bank is up 6.7 per cent. (Track banking stocks)

9:19 a.m. Sensex surges as much as 1051 Points to touch 24,956.60 as BJP and allies are set to form government. (Track markets)

9:16 a.m. Sensex Up Over 1000 Points as Leads Shows NDA Set to Form Government

9:10 a.m. If NDA crosses 272, markets may hit upper circuit, says Manish Sonthalia.

9:00 a.m. Rupee opens 0.5 per cent higher at 58.98 per dollar, highest level since July 26, 2013. It closed at 59.29 yesterday.

8:50 a.m. Sensex set for record start. SGX Nifty extends lead to over 2.5 per cent, up 183 points to 7,323.50 

8:40 a.m. Manish Sonthalia of Motilal Oswal to NDTV: If NDA bags 260+, markets would be euphoric, 240+ status quo for markets and less than 220 disappointing (Check the latest poll results)

8:30 a.m. Analysts say circuit filters are unlikely to be hit if the NDA wins big as markets have run up sharply prior to the counting day. What if the NDA tally disappoints the market? Let’s brush up what circuit filters are and what are the triggers. (See here)

8:20 a.m. Markets set for a strong start and SGX Nifty now has shot up like a rocket after early leads trickled in. From being down 30 points, it is now up  over 50 points to 7,199.5. Early leads point to a good start for the BJP.  (Track markets)

8:12 a.m. BSE Sensex and NSE Nifty are set for a wild ride today. At least, this has happened in the previous two Lok Sabha poll outcome days in 2004 and 2009. Counting of votes for elections has started but clear trends from 989 counting centres across the country could start emerging only by 11 a.m. By noon, it will be known if the BJP, which has emerged as the frontrunner in polls, will get enough seats to form a government or not. (Track markets)

Analysts paint four possible scenarios for the market today based on the seats bagged by the market favourite NDA. (What Are They?)