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"Investors, whether global or domestic, always look for policy stability and the economic policy narrative. So therefore, election results do matter. That said, I think India’s recent focus on manufacturing – defence, PLI, railways, improving logistics should stand it in good stead. The focus on the digital ecosystem and players within that theme are also something that we like."

A host of analysts shared their tech views on several stocks which may gain up to 15% in the near term

From the Sensex pack, SBI, ICICI Bank, L&T, NTPC, and Airtel were the top gainers, rising over 2% each. M&M, HDFC Bank, Bajaj Finance, and Axis Bank also opened higher. Whereas only Nestle opened in the red.

ABB India Ltd., incorporated in the year 1949, is a Large Cap company (having a market cap of Rs 96147.07 Crore) operating in Engineering sector.

Jefferies maintained a buy rating on Honasa Consumer with a target price of Rs 530. “Honasa is still evolving in its offline journey and will make mistakes in the online. Given the online mix, pushing inventory may not yield much, based on our calculation,” said the note.

"Exit polls of the states and the current outcome appear to be in line, which is a shot in the arm for the central government. This is also positive for the markets. Overall, once we witness Bank Nifty hitting all-time highs, that is trading above the 46,370 mark, which is roughly 3% from current levels, we could see strengthening of the current rally. Nifty will run into resistance around the 20,550-20,650 mark whereas support is seen around the 20,000 mark."

Brent crude futures climbed 28 cents, or 0.4%, to USD 79.16 a barrel by 0018 GMT, while U.S. West Texas Intermediate crude futures were at USD 74.36 a barrel, up 29 cents, or 0.4%.

Gold prices soared to a record high above $2,100 on Monday as traders grow increasingly confident the Federal Reserve will cut interest rates in the new year. Traders began shifting into the metal after Fed boss Jerome Powell said Friday that rates are "well into restrictive territory", fanning hopes the bank could begin cutting soon.

Many analysts suspect risks are to the upside, with Goldman Sachs tipping 238,000 including a chunk of workers returning from strikes, and a jobless rate of 3.8%.