Sensex rallies 330 points ahead of Modi's swearing-in ceremony, May F&O expiry

New Delhi: Markets posted strong rally  on Thursday ahead of May derivative contracts` expiry as investors awaited appointments for key ministries at Prime Minister Narendra Modi`s swearing-in ceremony.

The BSE Sensex jumped 329.92 points or 0.84 percent to hit new closing high of 39,831.97. Similarly the NSE Nifty also closed 84.80 points or 0.71 percent up at a new closing peak of 11,945.90.  Intra-day the 30-stock index had hit an intra-day high of 39,911.92 and a low of 39,500.56.

Modi will willbe sworn-in as India's Prime Minister for a second term at 7 pm today and he will also name his new cabinet ministers.

Top gainer in the Sensex pack, included NTPC, Bharti Airtel, Bajaj Finance, TCS, HDFC, Yes Bank and RIL, rallying 3.44 percent. On the other hand, Sun Pharma, M&M, ONGC, IndusInd Bank and Vedanta fell up to 2.39 percent.

Meanwhile, foreign institutional investors (FIIs) sold equity worth Rs 304.27 crore on Wednesday, and domestic institutional investors (DIIs) also offloaded shares to the tune of Rs 189.58 crore, provisional data available with stock exchanges showed.