State Bank of India gained 0.53 percent while Bharti Airtel declined 2.1 percent. However, gains were limited as data released late on Monday showed India's annual infrastructure output growth slowed to 4.9 percent in November, compared with 6.6 percent in the previous month, as crude oil and natural gas production declined.
Indian sovereign bonds were headed for a fifth session of gains on signs of better-off fiscal situation following the government's move to curtail its market borrowing for the rest of the financial year. India narrowed its weekly borrowings for the rest of the financial year by shaving 30 billion rupees each from the scheduled six weekly bond auctions until February 10, the Reserve Bank of India said late on Monday. "With focus on the upcoming budget, markets are expected to be rangebound with a slight upward bias, helped by a pre-budget positive sentiment," said Neeraj Dewan, director at Quantum Securities. Meanwhile, TVS Motors and Hero MotoCorp fell 3 percent and 2.2 percent, respectively, on weak December sales.