On Monday, Indian stock markets opened steadily following the swearing-in of Narendra Modi for an unprecedented third term as Prime Minister. The Bharatiya Janata Party (BJP) retained at least 31 ministers in the Union Cabinet for the 18th Lok Sabha, signaling the continuation of existing programs.
However, gains were limited due to a stronger-than-anticipated U.S. jobs report, which pushed Treasury yields higher and cast doubt on the likelihood of the Fed cutting interest rates this year.
The benchmark S&P BSE Sensex fell by 33 points to 76,661, relinquishing its early gains. Meanwhile, the broader NSE Nifty index saw a slight rise, adding 8 points to reach 23,298.
Power Grid Corp led the list of gainers, rising by 3.6 percent, while Adani Ports, Axis Bank, Cipla, and UltraTech Cement saw increases of 1-2 percent.
In contrast, IT stocks experienced a broad decline, with LTIMindTree, HCL Technologies, Infosys, Wipro, and Tech Mahindra each falling by 1-2 percent.
KEC International surged 5.4 percent after securing new orders worth Rs 1,061 crore across its various sectors.
Raymond saw an increase of over 4 percent following its selection as the "Preferred Developer" for the redevelopment of MIG VI CHS Ltd in Bandra East.
Pavna Industries jumped 4 percent after acquiring a land parcel in Pantnagar, Uttarakhand for its forthcoming greenfield plant.
JSW Energy rose 1.2 percent after signing a seven-year green hydrogen supply agreement with JSW Steel Ltd, committing to supply 3,800 tons per annum.