This was after volatile conditions in the earlier part of the week due to extremely cautious move by investors, leading to narrow-trading momentum during most of the sessions.
The market had sidelined some of the positive corporate results and signs of declining inflation failed to enthuse the market sentiment amidst nervousness after IT major Infosys was downgraded by UBS.
However, the fag-end saw frenzied buying across the sectors on widely perceived BJP's prime ministerial candidate Narendra Modi winning absolute majority would lead a business-friendly stable government as the Sensex rebounding sharply to breach the crucial 23,000-level for the first time during intra-day trade.
The S&P BSE benchmark Sensex resumed slightly higher at 22,412.80 and rallied to historic high of 23,048.49 and a low of 22,277.04 before finishing the week at 22,994.23, disclosing a sharp gain of 590.34 points or 2.63 per cent.
The NSE 50-share Nifty also spurted by 164.00 points, or 2.45 per cent, to end at 6,858.80.
Shares of banking, consumer durables, oil & gas, capital goods, PSU, metal and power were the star performers during the week. The equity markets were pretty strong in the trading week and the Sensex and the Nifty touched their record highs, tracking positive trend in the global indices and indications of the BJP-led government coming to power at the Centre, Jignesh Chaudhary, Head of Research, Veracity Broking Services. Heavy FII inflows also boosted market sentiment, he said.
The market is now looking at major data releases such as CPI, IIP followed by WPI in coming weeks, he added.
Foreign Institutional Investors (FIIs) were consistent net buyers and infused Rs 2,349.28 crore as per the data issued by SEBI, including the provisional figure of May 9.
21 scrips out of the 30-share Sensex pack ended higher while other finished with losses.
Major gainers from the Sensex pack were ICICI Bank (9.83 pct), Hindalco Inds (8.70 pct), Bhel (7.49 pct), RIL (7.44 pct), Tata Steel (6.69 pct), Axis Bank (6.60 pct), L&T (6.33 pct), SBI (6.20 pct), ONGC (5.67 pct), HDFC Bank (5.63 pct), Maruti Suzuki (4.62 pct), Coal India (4.59 pct), M&M (4.52 pct), NTPC (3.32 pct), Tata Motors (3.09 pct), ITC (1.57 pct), SSLT (1.55 pct) and Bajaj Auto (1.17 pct).
However, Bharti Airtel dropped by 4.81 pct, followed by Infosys 3.55 pct, Wipro 2.90 pct, Cipla 2.23 pct, TCS 2.16 pct, Sun Pharma 0.97 pct and HUL 0.92 pct.
Among the S&P BSE sectoral indices, Bankex shot up by 7.02 pct, followed by Consumer Durables 5.81 pct, Oil & Gas 5.73 pct, Consumer Goods 5.55 pct, Metal 3.91 pct, Power 3.71 pct, Auto 2.81 pct and Realty 1.46 pct while IT dropped by 3.02 pct, Teck 2.85 pct and Health Care 1.68 pct.
Small-scap and Midcap indices also firmed up by 0.81 pct and 1.34 pct on good buying support from investors.
The total turnover at BSE and NSE rose to Rs 12,721.31 crore and Rs 62,850.48 crore, respectively, from the last weekend's level of Rs 11,063.01 crore and Rs 55,832.91 crore.