BUDAPEST, April 13 - Peter Magyar's landslide victory in Sunday's Hungarian election has handed his centre-right Tisza party a sweeping mandate that will give it a free hand to enact reforms, bolster the rule of law and potentially unlock billions in European Union funding.

Economists and political analysts say the incoming government's expected two-thirds supermajority was the most EU- and market-friendly scenario - and before Sunday, one of the most improbable - and would likely trigger a strong rally in Hungarian assets on Monday.

A number of uncertainties remain, and wary diplomats and analysts say the new government must deliver on its promises before reaping the full benefits, but the markets for now look willing to give Budapest's new masters the benefit of the doubt.

"The result is a game-changer and will allow Magyar to govern with a free hand," said Mujtaba Rahman, a managing director at Eurasia Group. "Most importantly, he will be able to unwind Orban's autocracy and deliver on all of the reforms the EU is demanding.

"That means at least 6.4 billion euros ($7.46 billion) from the resilience and recovery facility should flow quickly, shoring up the real economy and further consolidating Tisza's win."

MAGYAR PLEDGES TO REBUILD ALLIANCES

The election had long been anticipated as the most market-sensitive in Europe this year given the eurosceptic Orban's frequent clashes with Brussels during his 16-year rule, over issues ranging from immigration to his closeness to Russia.

Orban had expressed confidence throughout the election campaign despite lagging in opinion polls, saying his goal was to protect Hungary's national identity and traditional Christian values within the EU, while denying any wrongdoing.

But the markets had been signalling for weeks that investors expected change. The share prices of companies linked to Orban fell sharply, while market volatility gauges indicated that big currency moves were likely after the election.

Magyar, addressing jubilant supporters chanting "Euro...