BSE Sensex rose by almost 17 per cent or 2099.21 points and trading had to be stopped when it reached 14272.62 points, as the benchmarks hit the upper circuit for the second time in the day.

The NSE nifty also rose by almost 17 per cent or 636.40 points and trading was stopped as it rose to 4308.5.

Market analysts said that investors are upbeat due to the election results as they portend a stable government, which is likely to be more business friendly and reform oriented as interference by the Left is also not likely to take place.

It is being expected that the new government will introduce reforms in retail, insurance, banking infrastructure and related sectors. UPA's performance in the last government has also been appreciated in the market, which sees continued reforms and measures to boost the rural economy, which shall boost demand, opine the market analysts.

They also opine that markets represent the mood of the nation, which is upbeat and hopeful of a better future.