Indian Equities Close Higher on Monday After PM Modi's Party, Allies Win Maharashtra Election

Indian indices extended gains on Monday after Prime Minister Modi's party and his allies secured victory in the state of Maharashtra.

The BJP's win provided some relief to the market, as the election outcome ended political instability in the Indian state.

At close, the BSE Sensex rose 992.74, or 1.3%, to 80,109.85, while the NSE Nifty 50 climbed 314.65 points, or 1.3%, to 24,221.90.

Oil & Natural Gas Corp. ONGC topped the gainers on Monday, with shares jumping 5%, followed by Larsen & Toubro LT and Bharat Electronics BEL.

Conversely, JSW Steel JSWSTEEL, Tech Mahindra TECHM and Infosys INFY were the top laggards.

In corporate news, electronics manufacturer Titan Intech TITANIN has received work orders of an undisclosed amount to install 65-inch IFPD (interface flat panel display) LCD screens in CBSE (Central Board of Secondary Education) Schools spread in various parts of India, according to a BSE filing on Monday.

Meanwhile, Dev Information Technology DEVIT board approved the proposal for a stock split, according to a same-day disclosure to the stock exchanges.