Benchmark equity indices Sensex and Nifty ended lower on Monday after hitting their all-time high levels in early trade amid selling in blue-chip IT stocks and HDFC Bank.
After breaching the 77,000-mark during the early trade, the 30-share BSE Sensex came under selling pressure at the fag-end of the session and ended 203.28 points or 0.27 per cent lower at 76,490.08.
During the day, the benchmark jumped 385.68 points or 0.50 per cent to hit a new record of 77,079.04.
Halting its three-day rally, the NSE Nifty dipped 30.95 points or 0.13 per cent to settle at 23,259.20. Intra-day, it climbed 121.75 points or 0.52 per cent to hit the lifetime peak of 23,411.90.
Narendra Modi was sworn in as Prime Minister on Sunday for a record-equalling third term, heading a 72-member Union Council of Ministers that put emphasis on continuity, youth and experience, while also rewarding partners in the BJP-led National Democratic Alliance (NDA) government.
Among the 30 Sensex companies, Tech Mahindra, Infosys, Wipro, Bajaj Finance, Mahindra & Mahindra, HDFC Bank, HCL Technologies and Tata Consultancy Services were among the major laggards.
UltraTech Cement, Power Grid, Nestle, NTPC, Tata Steel and Axis Bank were among the biggest gainers.
Foreign Institutional Investors (FIIs) bought equities worth Rs 4,391.02 crore on Friday, according to exchange data.
"The Indian market currently lacks fresh catalysts following the formation of the new government at the centre, suggesting that some consolidation may occur in the near term.
"Institutional flows indicate a mixed trend, with FIIs gradually covering their shorts and DIIs booking profits after the market reached historic highs," said Vinod Nair, head of research, Geojit Financial Services.
In Asian markets, Tokyo settled in the green while Seoul ended lower.
Markets in China and Hong Kong were closed for holidays.
Global oil benchmark Brent crude climbed 0.18 per cent to $79.76 a barrel.
