After days of rangebound moves, domestic equity benchmarks rallied for a second straight session on Monday driven by a broad-based rally that helped investors gain lakhs of crores of wealth—in terms of market capitalisation (mcap) or market value. The Sensex surged 992.7 points, or 1.3 per cent, to end at 80,109.9 while the Nifty50 added 314.7 points, or 1.3 per cent, to 24,221.9 on Monday, on top of a spike of around 2.5 per cent each on Friday. Monday's stunning gains on Dalal Street were driven by strong buying interest across sectors, especially financial, energy, FMCG and auto stocks.  

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Monday's rally translates to a gain of 2,954.1 points, or 3.8 per cent, in Sensex and 872 points, or 3.7 per cent, in the Nifty50 in two back-to-back trading sessions. It follows the Centre-ruling BJP-led Mahayuti alliance's decisive victory with 233 out of the 288 Assembly seats in Maharashtra, defeating the Indian National Congress-headed Maha Vikas Aghadi (MVA) bloc. Read more on state election results 

That also marked the BJP's record number of seats in the state that helped the ruling Mahayuti alliance secure a landslide victory. The INDIA bloc, led by the INC party, on the other hand, stormed back to power in Jharkhand driven by a strong score by the Jharkhand Mukti Morcha (JMM) party.

Analysts say that the clear mandate in the country's financial capital supported the sentiment on Dalal Street. The state has seen a series of regime changes over the last five years following an unclear mandate in 2019.

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All in all, two days of rally boosted the total market capitalisation of BSE-listed companies by Rs 14.2 lakh crore to Rs 439.6 lakh crore from Rs 425.4 lakh crore, according to provisional exchange data. 

In Monday's upmove, barring seven stocks, all of the Nifty50's components rose. ONGC, BEL, L&T, BPCL, Shriram Finance, SBI and Apollo Hospitals Enterprise were the top gainers, closing between 2.6 per cent and 5.5 per cent higher. The worst-hit stocks among the seven laggards in the blue-chip basket were JSW Steel (down 2.3 per cent), Tech Mahindra (down 0.7 per cent), Infosys (down 0.6 per cent) and Maruti Suzuki India (down 0.6 per cent). 

Broader indices Nifty Midcap 100 and Nifty Smallcap 100 also participated in Monday's market-wide rally, finishing 1.6 per cent and 2.0 per cent higher. 

Overall market breadth favoured the bulls significantly, reflected in an advance-decline ratio of almost 2:1 as 2,675 stocks rose while 1,389 fell for the day on BSE. 

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