Indian stock markets surged on Monday following the BJP-led government's resounding victory in the Maharashtra state elections, with experts predicting a short-term rally based on the election outcome.

The Nifty 50 index rose by over 1.45 per cent, adding 346.30 points to open at 24,253.55 points. Meanwhile, the BSE Sensex surged by 1,076 points, or 1.36 per cent, opening at 80,193.47 points.