Indian markets hit a record high on Thursday after Lok Sabha election results indicated a sweeping victory for the Bharatiya Janata Party-led National Democratic Alliance. The Nifty hit the 12,000-mark for the first time while Sensex surged over 1,000 points to 40,124.

However, the markets did not hold on to the gains. At 12.10 pm, the Sensex was up 346.75 points at 39,456.96 while Nifty was up 110.45 at 11,848.35.

The top gainers on Sensex were Reliance Industries, IndusInd Bank, Yes Bank, Larsen & Toubro, State Bank of India and ICICI Bank. The top performers on Nifty were Adani Ports, IndusInd Bank, Zee Entertainment, Yes Bank and Bharat Petroleum Corporation Ltd.

Shares of ITC, Vedanta, HDFC Bank, Tata Consultancy Services and Tata Motors declined the most on the Sensex. On the Nifty, the top losers were ITC, Eicher Motors, Vedanta, Hindalco and Bajaj Finserv.

Markets have been on a high since Monday, a day after exit polls showed the NDA retaining power with a comfortable majority. The Sensex had on Monday surged 3.75% to close 1,421.90 points higher at 39,352.67, while the National Stock Exchange Nifty 50 ended 3.69%, or 421.10 points, higher at 11,828.25.

The Indian rupee was trading almost flat at 69.67, one paise down against the United States dollar at 12.19 pm.