At 11:30 IST, the barometer index, the S&P BSE Sensex jumped 806.33 points or 1.11% to 75,205.57. The Nifty 50 index jumped 251.70 points or 1.11% to 22,872.05.

The broader market outperformed the headline indices. The S&P BSE Mid-Cap index jumped 2.86% and the S&P BSE Small-Cap index rallied 3.32%.

The market breadth was strong. On the BSE, 2,982 shares rose and 682 shares fell. A total of 137 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, dropped 8.45% to 17.29.

The BJP-led National Democratic Alliance (NDA) will establish the new government on Saturday, when Narendra Modi will be inaugurated as Prime Minister for a historic third consecutive term. The BJP has obtained written support from the leaders of the Telugu Desam Party (TDP) and Janata Dal (United) (JD-U).

Buzzing Index:

The Nifty PSU Bank index jumped 4.52% to 7,305.75. The index surged 7.52% in two trading session.

Central Bank of India (up 6.96%), Union Bank of India (up 6.17%), Indian Overseas Bank (up 5.54%), Indian Bank (up 5.27%), Bank of Maharashtra (up 5.26%), Punjab & Sind Bank (up 5.26%), Bank of Baroda (up 5%), UCO Bank (up 4.96%), State Bank of India (up 4.78%) and Bank of India (up 4.28%) advanced.

Stocks in Spotlight :

Century Textiles & Industries soared 13.59% after the company’s wholly owned subsidiary, Birla Estates has entered into a joint venture (JV) with Barmalt India for a luxury residential group housing development in Gurugram, Delhi.

Aurionpro Solutions advanced 3.85% after the company said that its subsidiary Integro Technologies has entered into a partnership agreement with Yoma Bank in Myanmar for revolutionizing their SME lending operations.

Global Markets:

Most Asian stocks advanced on Thursday, buoyed by growing optimism for lower interest rates globally. The positive sentiment mirrored record highs on Wall Street's S&P 500 and NASDAQ, fueled in part by weak US labor data. This data rekindled expectations of a Federal Reserve rate cut by September.

The US Labor Department said job openings fell to 8.059 million in April, the lowest since 2021, from a downwardly revised 8.355 million in March.

Further fueling the rally were Wednesday's interest rate reduction by the Bank of Canada and anticipation of a similar move by the European Central Bank later that day. This confluence of events fueled hopes for a global decrease in borrowing costs.

Chip-related stocks climbed after market leader NVIDIA surged to a $3 trillion valuation on Wednesday, riding the wave of artificial intelligence (AI) enthusiasm. Positive comments from ASML Holding NV, the world's top manufacturer of semiconductor equipment, further bolstered investor confidence in the chipmaking sector. The market anticipates that rising AI demand will translate into a global surge for semiconductors.