Markets rallied to their record highs in the month of May after Narendra Modi-led Bhartiya Janata Party (BJP) won the 2019 Lok Sabha elections with a landslide victory. The BJP won 303 seats, improving its performance from five years ago when it cornered 282 constituencies in the general elections.

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The stock market on May 23 — the day Lok Sabha election results were announced — rallied as much as 1,000 points, taking the equity benchmark indices to a record high. Both indices reached unprecedented levels with the S&P BSE Sensex breaching 40,000 mark and the Nifty50 going past the 12,000 point.

Since then the markets have been rallying with expectations of a stable government and economy.

During May, BSE Capital Goods and Nifty Realty rose the most on Sensex and Nifty50, respectively. The two sectors were the only ones to gain more than 10 percent during the month.

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