Markets cheer PM Modi's swearing-in; Sensex back at 40,000, Nifty at 12,000

New Delhi: Stock market gave a thumbs-up to PM Modi's swearing-in with Sensex returning at 40,000 level while the Nifty was back at 12,000 mark.

Modi took oath for his second term as Prime Minister after leading the BJP-led National Democratic Alliance to a smashing victory in the 2019 Lok Sabha elections.

Minutes into trading the NSE Nifty was up 62.35 points or 0.52 percent at 12,008.25 while the BSE Sensex jumped 191.01 points or 0.48 percent at 40,022.98. The rally was led by gains in banking and IT stocks amid positive domestic cues and strong foreign fund inflow.

Top gainers in the Sensex pack include Asian Paints, Coal India, TCS, ONGC, HCL Tech, L&T, Axis Bank, SBI and IndusInd Bank, rising up to 3 percent.

On the other hand, Yes Bank, Tata Motors, NTPC, Vedanta, M&M and RIL were the top losers, shedding up to 0.32 percent.

In the previous session on Thursday, the 30-share gauge ended 329.92 points, or 0.84 percent, higher at 39,831.97 -- its fresh-closing high, while the broader NSE Nifty settled at a new closing peak of 11,945.90, gaining 84.80 points or 0.71 percent.