The GIFT Nifty, an indicator of how the Indian equity markets are likely to open in the morning, is indicating a premium of over 400 points, implying a huge gap-up for the Sensex and the Nifty 50 indices.

The move comes after a strong performance from the ruling Mahayuti alliance in the Maharashtra state assembly elections. The Mahayuti won 233 out of the 288 seats in the state assembly.

As of 7 AM, the GIFT Nifty indicated an implied open of over 430 points.

Benchmarks may have had an inkling of how the markets are pricing in the Maharashtra election outcome. The Nifty gained over 550 points on Friday, a strong reversal from lower levels. The index also closed above the 200-Day Moving Average.

Friday’s move also ensured that the Nifty reversed all the losses for the week and ended with gains. Foreign institutions also turned net buyers in the cash market, a first after 37 trading sessions.