New Delhi:  Indian stock markets moved higher today as NDA led in over 300 seats according to the latest trends. The Nifty hit 12,000 mark for first time while Sensex also jumped nearly 900 points to cross the 40,000 mark.

Broader markets were also strong with both BSE midcap and smallcap indices rising over 1.5%. Indian stock markets have seen big swings on Lok Sabha election results day going by the experience of the past three Lok Sabha elections.

At 9.55am, the benchmark Sensex was trading at 39,833, up 722 points or 1.85%. The broader Nifty gained 214 points or 1.82% to touch 11,952.  Interestingly, India VIX index, which is looked upon as a barometer of near term volatility, drooped over 26%. According to traders, investor sentiment was boosted by initial trends that suggested a win for the ruling NDA.

Amid market euphoria, the rupee also appreciated 26 paise to 69.40 against the US dollar in opening trade. The 30-share index zoomed over 2% to hit an intra-day high of 39,901.59. Similarly, the broader NSE Nifty too spurted more than 2% to touch a record of 11,968.95.

Vedanta, ONGC, Bajaj Auto and Sun Pharma slipped up to 1.92%. Meanwhile, foreign institutional investors sold equity worth Rs. 965.02 crore on Wednesday, while domestic institutional investors sold shares to the tune of Rs. 157.75 crore, provisional data available with stock exchanges showed.

Elsewhere in Asia, bourses in China, Japan and Korea were trading on a negative note in their respective early sessions. Brent crude, the global benchmark, was trading at 70.58 per barrel, lower by 0.58 per cent.