Key benchmark indices on Friday surged as the markets were gripped by buying frenzy on hopes that the Bharatiya Janata Party (BJP)-led National Democratic Alliance (NDA) will be able to form the next government at the Centre after Lok Sabha election results are out next week.

The BSE Sensex, Nifty and Bank Nifty at the NSE roared to all-time closing highs, led by a buying frenzy in index heavyweight RIL and bolstered by a runaway rally in the banking stocks. The Sensex sky-rocketed to 22,994, stronger by 650 points, after scaling 23,000 on an intra-day basis, and ditto with the Nifty, which zoomed by 198 points to end at 6,858. The Bank Nifty ended at 13,750, up 5.47 per cent.

The market breadth, indicating the overall health of the market, was positive with all the sectoral indices ended in the green, with the sole exception of the pharma space. The flurry of buying interest drove RIL, ICICI Bank and Axis Bank to 52-week highs.