At 10:30 IST, the barometer index, the S&P BSE Sensex jumped 708 points or 0.95% to 75,088.56. The Nifty 50 index gained 221.35 points or 0.98% to 22,841.70.

The broader market outperformed the headline indices. The S&P BSE Mid-Cap index jumped 2.50% and the S&P BSE Small-Cap index rallied 3.12%.

The market breadth was strong. On the BSE, 2,870 shares rose and 631 shares fell. A total of 150 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, dropped 6.30% to 17.70.

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 Realty index jumped 4.25% to 1,043.35. The index rallied 6.88% in two consecutive trading sessions.

Macrotech Developers (up 9.42%), Sobha (up 5.34%), Brigade Enterprises (up 4.82%), Godrej Properties (up 4.57%), Prestige Estates Projects (up 4.55%), DLF (up 4.07%), Oberoi Realty (up 3.44%), Mahindra Lifespace Developers (up 3.11%), Phoenix Mills (up 2.74%) and Sunteck Realty (up 1.56%) advanced.

Stocks in Spotlight:

Uno Minda surged 15.85% after the company said that it has entered into a Technical License Agreement (TLA) with Suzhou lnovance Automotive Company (lnovance Automotive) for manufacture and sale of electric vehicle products for passenger vehicle and commercial vehicle in India.

Indian Energy Exchange rallied 5% after the company reported a total monthly volume of 10,633 MU, up 29% YoY, and renewable energy certificate volumes up 640% YoY and the green market achieved growth of 74% YoY.