The Sensex surged over 600 points to hit 29,561 at day's high

Highlights NSE benchmark Nifty made a record high of 9,122

Investor wealth surged by 1.31 lakh crores on the Bombay Stock Exchange

Analysts say the election win will give a push to reforms

Cheering the BJP's landslide win in Uttar Pradesh, the Nifty soared to new all-time highs on Tuesday. The Sensex rose as much as 615 points to 29,561 while Nifty surged 188 points to record high of 9,122. The rupee also strengthened to 65 level against dollar, last seen in November 2015. The rupee rose 79 paise to close at 65.81 against the US dollar, as compared to Friday's close of 66.60. Analysts say that the decisive mandate in Uttar Pradesh in favour of the BJP removes political uncertainty from the market, which had kept investors cautious in the run-up to the announcement of the election results. Markets will price in a stable government for long, says global brokerage Macquarie. Investor wealth on the BSE soared by Rs 1.53 lakh crore.



Here are 10 key highlights:



1) Analysts said that the Uttar Pradesh state election results will give a boost to the government's reform agenda. "BJP's emphatic victory in the politically crucial state of UP would embolden the Prime Minister Narendra Modi in aggressively expediting key structural economic reforms," said Ajay Bodke, head of portfolio management services at financial firm Prabhudas Lilladher in Mumbai.



2) Analysts see further upside in the market. TS Harihar, chief executive of HRBV Client Solutions Private Ltd, says the election verdict will move Nifty into a new range of 9100-9500.



3) Another global brokerage CLSA sees Nifty rising to 10,350-12,000 levels over the medium term if it breaks the major technical resistance of 9.191.



(Also Read | How Much Markets May Gain More After PM Modi's Win In Uttar Pradesh)



4) Bank of America Merrill Lynch expects the government to increase infrastructure spending in Uttar Pradesh and sees banks, cement, and consumption stocks to be a major beneficiary of higher government spending.



5) Beyond the election results, the market will be eying the current Budget session of Parliament and the progress of key GST Bills, says market expert Ajay Bagga. The government is planning to roll out the new tax regime from July.





On the global front, the US Federal Reserve's stance on interest rate, Trump administration's policies and French election results would be keenly eyed, Mr Bagga added.Therate-setting panel meets on March 14-15 to decide on interest rate. The US central bank is widely expected to increase interest rate in wake of strong economic recovery in the world's biggest economy. Though a Fed rate hike is factored in, a hawkish commentary from the US Federal Reserve could trigger volatility, especially in emerging markets, say analysts.The Sensex and Nifty have gained over 10 per cent so far this year. Better-than-expected third-quarter GDP numbers and earnings from India corporates, a supportive Budget and strong global markets have also lifted the sentiment on Dalal Street.

Strong inflows from domestic and foreign investors have also supported the market while a steady rupee has further lifted the sentiment.Domestic institutional investors have bought shares worth over Rs 40,000 crore in the past six months.have also started nibbling at Indian equities, buying shares worth Rs 10,485 crore in February. The Nifty rose 1.71 per cent or 152 points to settle above the 9,000 mark for the first time, at 9087. The BSE benchmark Sensex ended 496 points higher at 29,442.63.