Mumbai: The stock market on Monday inched closer to the all-time intra-day high as the BJP sniffed victory in Gujarat and also stayed on course to take power from the Congress in Himachal Pradesh.


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According to trends available on the Election Commission's website, the BJP is leading in 101 of the 182 assembly segments in Gujarat. As for Himachal Pradesh, it is leading in 40 seats as against the Congress' 21.


The 30-share BSE index hit a high of 33,724.08 at 1152 hrs, a gain of 261.11 points -- 0.78 percent. The reading is closer to the all-time high 33,865.95, reached on November 7.


For the 50-share Nifty, the reading was above the key 10,400-mark at 10,415.50, up 82.25 points, or 0.80 percent.


Early in the beginning of the session, the benchmark BSE Sensex had tanked as much as 867 points to breach below the psychological 33,000-mark while the NSE Nifty plunged 258 points within one hour of counting of votes.


However, evolving equations showed that the BJP is pushing ahead in both the states.


Metal, auto, healthcare, realty and banks all showed up in the green.


The big mover was M&M 2.93 percent, with SBI and Adani Ports closely following the leader.


Foreign portfolio investors (FPIs) net sold shares worth Rs 921.03 crore last Friday. But domestic institutional investors (DIIs) offloaded equities to the tune of Rs 635.44 crore.


Asian stocks were mixed. US stocks rose to all-time highs last Friday, as prospects of the passage of a Republican tax Bill increased.