Indian shares closed at record highs on Monday, buoyed by gains in metal stocks, with Tata Steel Ltd posting its best day in a month.
The broader NSE index ended 0.68% higher at 11,924.75, while the benchmark BSE index closed up 0.63% at 39,683.29.
Tata Steel ended 5.9% higher and was the top gainer on both the indexes. The Nifty Metal index rose 2.1%.
Interglobe Aviation Ltd, the owner of India's largest airline by market share, IndiGo, climbed 2.5% to a record close ahead of its quarterly results.
Modi-led Bharatiya Janata Party (BJP) witnessed a landslide victory in the general election results on Thursday and markets have been jubilant over hopes that the prime minister would pursue business-friendly policies.
"We have a new government and we are seeing stock specific rally. There will be sectors which are likely to outperform and markets are now waiting for a new policy," said AK Prabhakar, head of research at IDBI Capital in Mumbai.
Shares of NTPC Ltd and Yes Bank Ltd were up over 4.5% each, while Power Grid Corporation India was trading nearly 2% higher.
Industrial conglomerate Larsen & Toubro, which started a hostile takeover bid for Bengaluru-based IT firm Mindtree Ltd in March, was among the top five gainers on the NSE index. The company on Friday increased its stake in Mindtree to over 28%.
Shares of Interglobe Aviation Ltd rose as much 1.9% to 1,653 rupees. Interglobe is scheduled to post quarterly results later in the day.
JSW Steel and Bharti Airtel were among the major losers, both inching nearly 2% lower.
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