Stock markets surge: Nifty, Sensex hit fresh lifetime highs ahead of Lok Sabha election results

The benchmark equity indices rallied on Thursday hitting fresh record highs. Both indices closed around 1.5 % higher, with the Sensex at 75, 418 up nearly 1200 points while the Nifty closed at 22,967 up 370 points.

As per experts, various factors contributed to the surge. With election-related jitters easing up, markets are factoring in political stability. "The rally is healthy since it is led by fairly valued large-caps," said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, quoted by Mint.

Another factor is the RBI approving its highest-ever dividend of 2.11 lakh crore rupees to the centre, which is more than double of what was earlier expected. This has also boosted market sentiment.

Auto and banking stocks outperformed on Thursday. The biggest Nifty gainers included Adani enterprises, Adani ports, Axis bank, L&T and M&M.