Poll results, steady crude bring cheer to markets; Sensex rises 817 points

A  combination of stabilising oil prices and strong showing of the Bharatiya Janata Party (BJP) in the elections of five states helped the indices post gains for the third day in a row. The Sensex jumped as much as 3 per cent, or 1,595 points, before it gave up half of the gains amid sharp losses in the European markets.

The benchmark gauge closed at 55,464, with a gain of 817 points, or 1.5 per cent. The Nifty, on the other hand, ended the session at 16,595, a gain of 249 points, or 1.5 per cent.

After touching $139 per