The Sensex traded 443.73 points - or 1.14 per cent - higher at 39,255.12 at 12:56 pm, while the Nifty was up 135.75 points - or 1.16 per cent - at 11,792.80.

Market breadth favoured gains on Friday, with 1,297 stocks advancing on the NSE in morning trade against 408 declining in afternoon trade. On the BSE, 1,558 stocks traded with gains against 738 that struggled with losses.

Top gainers on the 50-scrip benchmark index at the time were Bharti Airtel, Eicher Motors, Larsen & Toubro, Mahindra & Mahindra and Zee Entertainment, trading between 3.01 per cent and 3.70 per cent higher.

The Nifty Bank - comprising banking stocks - jumped as much as 1.75 per cent in intraday trade. Prominent gainers included state-run Bank of Baroda and Punjab National Bank, which climbed as much as 7.17 per cent and 4.78 per cent respectively.

ICICI Bank, HDFC Bank and Larsen & Toubro contributed the most to the advances on Sensex.

The BJP won over 300 seats in the 543-member Lok Sabha, surpassing its 2014 victory when the party had won 282 seats.

Analysts say that a BJP victory has been factored in.

"Investors and traders must wait for correction to enter in the market as going forward Sensex and Nifty may need to consolidate at lower levels," news agency Reuters quoted Abhijeet Bajpai, chief executive of Avighna Trades, as saying in a report. "Nifty and Sensex may correct about 5 per cent in next few days.”

Equities in other Asian markets stumbled to a four-month low on worries the US-China trade spat was developing into a more entrenched strategic dispute between the world's two largest economies, pushing investors to safe-haven assets.