Markets extend gains on Modi optimism; Nifty up 30 pts

Stocks rallied for the second straight day as investors lapped up frontline heavyweights steered by poll-driven euphoria with the benchmark Nifty surging 30 points on the National Stock Exchange(NSE) here.
The broadly upbeat market tone was scripted after the exit polls showed BJP coming to power in Assam for the first time, a major boost for its reform agenda.
Realty, auto, healthcare and technology counters did best for the day.
Buoyant overseas sentiment also weighed on trade.
Key indices reclaimed the psychologically significant 7,900 mark on across the board buying amid hopes that any improvement in BJP's seat tally is likely to enhance the central government's ability to push through legislative reforms.

However, bourses failed to sustain the strong rising momentum towards the fag-end trade and succumbed to fresh selling pressure as opportunistic investors booked profits at higher levels, capping initial surge.

Elsewhere in region, barring Shanghai most equities ended firmly higher led by a rally in energy stocks as crude prices jumped on concerns about the potential supply disruptions in Nigeria.
Brent crude spot prices are trading just shy of USD 50 a barrel.
The 50-share index resumed firmly higher at 7,896.85 and swung between 7,940.10 and 7,879.70 before concluding at 7,890.75, revealing a smart rise of 30 points, or 0.38 per cent over its last close.

Sector wise, Realty rose (0.75 per cent), Auto (0.55 per cent), Pharma (0.41 per cent), IT (0.34 per cent), Nifty Bank (0.15 per cent), Energy (0.17 per cent) and PSU Bank (0.10 per cent). The mid-cap and Small-cap also witnessed some follow-up buying, rising 0.08 and 0.64 per cent, respectively.
However, Infra and FMCG suffered fresh selling.
Biggest index stock movers were HDFC, Axis Bank, ONGC, ICICI Bank, M&M, TCS, Maruti, Ultratech, Asian Paints, Bosch, HCL-Tech, L&T, BPCL, ITC, Heromotoco and GAIL.
Among top-traded stocks, Sun TV soared 9.88 percent in brisk volume after exit polls gave DMK-Congress alliance a comfortable majority in the 234-member Tamil Nadu Assembly. State-run oil companies were also in keen demand due to a hike in petrol and diesel prices.

The notable losers included HDFC Bank, Eicher Motors, Reliance, HUL, Kotak Mahindra, Tata Motors, Aurobindo Pharma, NTPC, Adani Ports, Yes Bank.
The key losers included Bank of Baroda, SBI, ICICI Bank, Axis Bank, Adani Ports, Cipla, Idea, Reliance and ONGC.
Turnover in cash segment rose to Rs 17,537.67 crore compared to Rs 15,394.60 crore yesterday.
A total of 8,444.91 lakh shares changed hands in 74,57,734 trades. The market capitalisation of the NSE stood at Rs 95,53,676 crore.