The Bombay Stock Exchange Sensex surged 215.74 points to end at 29,048.19 and the National Stock Exchange Nifty closed 65.90 points up at 8,963.45 on Monday. Analysts said the chances of the Bharatiya Janata Party winning the ongoing Assembly elections in Uttar Pradesh and news that the Good and Services Tax will be rolled out by July boosted market sentiment, mint reported.

Reliance Industries Limited topped the charts of highest gainers on the BSE index. At one point in the day’s trading, its stocks rose by 4% to touch Rs 1309.9, the highest since May 2008. The surge in RIL shares pushed the energy index into the green zone with a 2.01% surge. The auto sub-index rose 1.24%, with Ashok Leyland, Bharat Forge and Tata Motors making the highest gains.

The NSE, on the other hand, traded green on the back of surging financial stocks. Shares of the State Bank of India rose 1.94%. IT stocks, however, continued to tumble. The shares of both Tata Consultancy Services and Wipro fell by more than 0.5% as concerns over the H-1B visa have yet to be addressed.

Asian currencies also traded higher on Monday. Taiwan’s dollar was up 0.24%, Japan’s yen 0.2%, Indonesia’s rupiah 0.17%, China’s renminbi 0.14% and Malaysia’s ringgit 0.05%. However, Thailand’s baht was down 0.1%.