Key indices of the Indian equities markets on Monday went up substantially after counting trends indicated a victory for the BJP in both Gujarat and Himachal Pradesh Assembly elections.

The ruling BJP was on Monday set to retain power in Gujarat, with its candidates on the victory lap in 104 of the 182 seats as the Congress again settled for the second place but with an improved showing.

However, on an opening basis, the S&P BSE Sensex and NSE Nifty took an early beating following initial reports of a possible BJP defeat in Gujarat, Prime Minister Narendra Modi's home state.

There was an intra-day swing between the highest and lowest point of trade at the S&P BSE Sensex of over 800 points.

"Till the final results are out markets could swing either way, and if it's confirmed that BJP has managed to win Gujarat with small but decent margins," Deepak Jasani, Head of Retail Research for HDFC Securities, told.

Around 11.38 a.m., the wider Nifty50 of the National Stock Exchange (NSE) traded higher by 77.65 points or 0.75 per cent at 10,410.90 points.

The barometer 30-scrip Sensitive Index (Sensex) of the BSE, which opened at 33,364.52 points, traded at 33,712.23 points -- up 249.26 points or 0.74 per cent -- from its previous close.

The Sensex touched a high of 33,762.04 points and a low of 32,595.63 points during the intra-day trade so far.

The BSE market breadth was bullish -- 1,378 advances and 826 declines.

On the BSE market breadth, stocks of Mahindra and Mahindra, State Bank of India, Sun Pharma, Adani Ports and Maruti Suzuki were leading the upward rally.