Reuters Market Eye - NSE's volatility index, or India VIX .NIFVIX, fell as much as 23.88 percent, heading for its biggest single-day fall since August 26, 2009 after exit poll results showed Bharatiya Janata Party and its allies headed for a majority in elections.
India VIX had surged in the lead-up to the exit polls as investors braced for a potential negative surprise.
However, projections for a majority reinforce market expectations. The Sensex rose as much as 1.57 percent to a record high of 23,921.91 while the Nifty surged 1.45 percent to record high of 7,116.20.
Reporting by Abhishek Vishnoi