What a day for Indian markets! Beating Karnataka election uncertainty, the S&P BSE Sensex climbed nearly 300 points to close at over a 3-month high on Friday while the Nifty50 closed above 10,800 for the first time since February.

Investors’ wealth of BSE-listed firms, measured by market capitalisation (m-cap), rose by Rs 55,448 crore on Friday to Rs 150.22 lakh crore compared to Rs 149.66 lakh crore recorded in the previous session, the BSE data shows.

"Markets continue to rally on the back of positive global cues reaching closing at the 10800 levels with gains of close to one percent for the session. FIIs and DIIs numbers continue to remain tepid, all focus is on the impending Karnataka election, a win for the BJP might take the indices higher in the interim," Nikhil Kamath, Co-Founder, Zerodha told Moneycontrol.

Heavyweight stocks lead market higher supported by gains in financials and energy shares which helped market close with major gains.

HDFC Twins, Asian Paints, Reliance Industries and L&T were the major index gainers. Only 2 Nifty Bank stocks closed in the red.