The Indian market ended higher on Monday, boosted by gains in metal and financial stocks, as investors continued to cheer Prime Minister Narendra Modi’s massive victory.

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Modi-led Bharatiya Janata Party (BJP) witnessed a landslide victory in the general election results on Thursday and the market has been jubilant over hopes that the prime minister would pursue business-friendly policies.

Meanwhile, Asia stocks hovered near four-month lows on Monday amid concerns about US-China tensions while the euro was confined to a narrow range after the weekend’s European Parliament elections.

The Sensex settled 248 points higher at 39,683, while the Nifty50 added 81 points to end at 11,925. Broader markets outperformed benchmark indices with Nifty Midcap and the Nifty Smallcap indices adding 1.6 percent each.

Tata Steel, Yes Bank, NTPC, L&T, and IOC were among the major gainers on the Nifty50, whereas ZEE, IndusInd Bank, Reliance Industries, Tech Mahindra, and Bharti Airtel led the losses.

Sectoral indices were mixed during the day. The Nifty Realty index gained the most, up nearly 2.2 percent followed by the Nifty Metal (up 2.1 percent), the Nifty PSU Banks (up 2 percent) and the Nifty Bank (up 1.4 percent). Meanwhile, the Nifty Pharma and the Nifty Media indices declined 1 percent and 0.8 percent, respectively.

Nifty Bank rose, led by RBL Bank, Yes Bank, Bank of Baroda, Axis Bank, and Federal Bank up between 2-4.5 percent amid hopes that the Reserve Bank of India (RBI) will cut repo rates in its next monetary policy in June to boost liquidity.

Manpasand Beverages tanked 20 percent after the company's managing director, Abhishek Singh, his brother Harshvardhan Singh and chief financial officer Paresh Thakkar were arrested by the Central GST (CGST) and Customs, Vadodara-II for creating fake company units and committing tax invasion.

Page Industries' shares slipped 10 percent in-trade after Credit Suisse downgraded the stock with a substantial target price cut following the company's announcement of poor Q4 earnings.

Shares of NTPC rose 3 percent after the state-run power giant posted a 48.7 percent increase in its standalone net profit at Rs 4,350.32 crore for the March quarter (YoY) on the back of lower expenses.