MUMBAI: The Sensex and Nifty reached a record closing high on optimism that the Narendra Modi-led goverment would spur economic reforms and foreign funds would continue to pour in led by high prospects of a BJP led government. 

While the Sensex closed at 24,363.05 points, a rise of 241.31 points, Nifty rose 61 points to conclude at 7,263.55 level.

Investors are hoping that the BJP-led government will be better at getting things done and would be more business-friendly than the Congress-led coalition government, which was in power during the past ten years.

Top gainers on the Sensex were JP Power (30 per cent), MMTC (19.97 per cent) and Suzlon Energy (19.81 per cent).  

Among losers, IPCA Lab, Wockhardt, and TCS lost 6.75 per cent, 6.66 per cent and 5.69 per cent, respectively.

Market breadth was positive with 395 stocks rising against 103 posting a fall.

Foreign institutional investors (FIIs) bought shares worth a net Rs 3,634.82 crore on Friday, according to provisional data from the stock exchanges.