Sensex jumps over 480 points, Nifty regains 11,300

New Delhi: Markets posted major gains for the second day on Tuesday with both Sensex and Nifty closing with above 1 percent gain amidst unabated buying by foreign investors.

The BSE Sensex jumped 481.56 points or 1.30 percent to close at 37,535.66 while the NSE Nifty closed 133.15 points or 1.19 percent higher at 11,301.20

Markets extended the pre-election rally on expectations that the ruling BJP-led government will once again come back to power. Lok Sabha elections will begin on April 11 and continue for over a month till May 19 across seven phases, followed by counting of votes on May 23, the Election Commission announced last Sunday.

Major gainers in the Sensex pack were Bharti Airtel (5.12 percent), IndusInd bank (3.69 percent), ICICI Bank (3.27 percent), L&T (3.08 percent), Sun Pharma (2.32 percent), Reliance (2.22 percent), HDFC Bank (1.90 percent), HDFC (1.83 percent), Tata Motors (1.43 percent), HUL (1.16 percent), M&M (1.12 percent) and Axis Bank (1.10 percent).

Bucking the trend,  shares of TCS, Heromoto Corp, SBI, Bajaj-Auto, Yes Bank, Coal India, ONGC, NTPC, Inosys and Bajaj Finance ended in red, falling by upto 1.30 percent.

On a net basis, foreign institutional investors (FIIs) bought shares worth a net of Rs 3,810.60 crore on Monday, provisional data available with BSE showed.