Hyderabad: The Indian stock markets are on fire in the early trade on Monday, driven by the hopes of political stability as majority of exit polls forecast a resounding victory for Modi-led NDA. The 30-share Sensex rallied over 2,770 points this morning while the 50-stock Nifty recorded its biggest jump in four years during the market opening.

Both Sensex and Nifty, the indexes of the Bombay Stock Exchange and the National Stock Exchange, hit their record high levels on Monday. All Sensex and Nifty stocks are now in the green.

At pre-open, Nifty surged over 800 points or 3.58 per cent to 23,227.90 while the Sensex zoomed 2,621.98 points or 3.55 per cent to 76,583.29.

Adani Ports, Adani Enterprises, Power Grid and NTPC are among the top performers that led the market rally with significant gains. The latest GDP data suggesting a robust 8.2 per cent fiscal growth also bolstered the market sentiment.

An aggregate of 12 exit polls on Saturday predicted the BJP will return to power with the ruling NDA alliance with 365 seats. A party or an alliance needs at least 272 seats to form government in the country. The market prefers political stability and a change in government usually risks volatility in the share market, according to analysts.