MUMBAI (Reuters) - Indian shares surged to their second consecutive record high on Monday as blue-chips including ICICI Bank rallied on hopes that exit pulls due after the close of markets would show opposition Bharatiya Janata Party winning a majority in ongoing elections.
India's five-week long elections are set to conclude on Monday, with exit polls from media organisations to be released starting after 6.30pm India time (9pm Singapore time).
The optimism that the opposition party, seen by markets as being more investor friendly, will win elections comes even as exit polls in previous elections have proved to be unreliable.
Actual results will be out on Friday.
ICICI Bank gained 2.2 per cent, while Larsen & Toubro was up 2 per cent.
The benchmark BSE index gained as much as 1.8 per cent to a record high of 23,410.36 points, surpassing its previous record of 23,048.49 points hit just on Friday.
The broader NSE index gained as much as 1.7 per cent to a record high of 6,975.70 points, surpassing its previous record high of 6,871.35 points.