NEW DELHI: The BSE Sensex rallied as much as 487 points in intraday trade to hit fresh record high of 21,483.74 in morning trade on Monday, boosted by optimism that rising wave is in favour of the BJP as well as an anti-Congress vote in these states.At 09:50 a.m.; the BSE Sensex was trading 375 points higher or 1.79 per cent. The index hit a fresh record high of 21,483.74 and an intraday low of 21,303.65.In the official results of the state elections, the main opposition party, Bhartiya Janata Party (BJP), performed strongly, securing an absolute majority in three out of the four states (Rajasthan, Madhya Pradesh and Chattisgarh) and a plurality in the fourth state (Delhi).The state assembly elections are viewed by many as a preview of the general elections, which are due by May 2014, say analysts."We believe the results will be well-received by the market," said Nomura in a strategy report. The global brokerage firm expects market gains to be led by high-beta domestic cyclicals (banks and industrials, mainly) and expect defensives (consumer, pharmaceuticals, telecom and IT services) to underperform.However, they do not have conviction on industrial cyclicals, as high frequency data still point to weak trends. Nomura has maintained its end-March 2014 Sensex target of 22,000.Sector-wise, they remain positive on banks, IT services, pharmaceuticals, oil & gas and power utilities. However, they are cautious on autos, infrastructure & construction, capital goods, consumer, metals and telecom. Nomura is of the view of that banking sector will benefit most from the election.Reacting to the results, as much as 29 stocks rose to their fresh 52-week highs on the BSE Sensex. From the index L&T rose to its fresh 52-week high. L&T rose over 5 per cent to hit its fresh record high of Rs 1152.Other stocks which rose to their fresh 52-week highs include names like Voltas, Biocon , Crompton Greaves, Kiri Industries, Escorts, Supreme Industries and JSW Steel Ltd.On the National Stock Exchange, 19 stocks rose to their fresh record highs which include names like Gujarat Pipavav, Escorts, Amara Raja Batteries, L&T, Biocon, Crompton Greaves, Kajaria Ceramics, Voltas etc.Source: EconomicTimes.com