14:38 Indian equity benchmarks rallied 2.5%, riding high on broadbased buying after the cut in withholding tax by the finance minister and Samajwadi Party supported the Congress to stay in power.
The BSE benchmark shot up 444 points or 2.42% to 18,794 and the NSE benchmark rose 2.67% or 148 points to 5,703.
Anil Dhirubhai Ambani Group-led infrastructure company Reliance Infrastructure topped the buying list with 10.5%. State-run steel producer SAIL and power equipment maker BHEL surged 8.5% and 7%, respectively.
Private sector lender Axis Bank and diversified conglomerate Jaiprakash Associates rallied 7% each.
Shares of Sterlite Industries, State Bank of India, Tata Power and Larsen & Toubro, ICICI Bank, Bharti Airtel and Tata Steel gained 4-5%.
Country's largest software services exporter TCS underperformed, losing 1% after sharp rise in Indian rupee, which jumped 1.82% or 99 paise to 53.39 against the US dollar.
Healthcare stocks like Sun Pharma and Dr Reddy's Labs were marginally lower.
In the second line shares, Jaypee Infratech, Anant Raj Industries, PTC India, IRB Infrastructure and Vakrangee Software were up 7.5-10% while Tulip Telecom, Ruchi Soya, MTNL, AstraZeneca and Hexaware Tech lost 2.5-5%.
The market breadth remained strong; about 1078 shares advanced for every 395 shares declined on the National Stock Exchange.
13:27 Sensex off day's high; TCS, Infy decline on rising rupee Indian shares erased somewhat gains, losing more than 150 points from day's high of 18,866.87 due to profit booking. The 30-share BSE Sensex gained as much as 518 points intraday after the Mulayam Singh Yadav-led Samajwadi Party's decision to support Congress from outside. Read More » 12:24 Sensex up 450 pts, Nifty hits 5700; SP supports CongressRead More » The 30-share BSE Sensex rallied 450 points and the 50-share NSE Nifty hit 5700 level today as the government stood strong with support by Mulayam Singh Yadav's Samajwadi Party. Read More » 11:22 Nifty hits new 2012 high, Sensex up 300 pts; Rupee spikesRead More » The 50-share NSE Nifty has touched a new 2012 high of 5,657.75 Friday due to heavy inflow of foreign money after the government remained firm on their decision of FDI approvals taken last week. Media reports said the government would continue to come up with new reforms next week. Read More »