Mumbai, May 16 (IANS) Indian stocks were virtually on fire, leading a key index to gain as much as 1,019.27 points, or 4.26 percent, as Narendra Modi-led Bharatiya Janata Party took a big early lead in India’s national election vote count.

Around 10.40 a.m., the sensitive index (Sensex) of the Bombay Stock Exchange was ruling just a shade under the magic 25,000-point mark at a record 24,924.87 points against the previous close of 23,905.60 points, to log a gain of 1,019.27 points, or 4.26 percent.

Analysts said the markets were afire expecting a stable government under BJP’s prime ministerial candidate Narendra Modi, who is also seen as a industry-friendly leader. Every industry-specific index was trading at record highs, exchange data showed.

The 50-scrip Nifty of the National Stock Exchange also surged in a similar fashion.

According to officials at the markets watchdog Securities and Exchange Board of India (SEBI), a close watch will be kept on market movements Friday during the counting of votes to prevent any disorderly trading.