An analyst from Anand Rathi said that JSW Steel found significant support near the Rs 930-935 zone, signalling a strong demand area that has managed to halt the stock's decline.

Nifty and Sensex soared in afternoon trade, fueled by a decisive BJP-led Mahayuti Alliance victory and robust short covering, driving broad-based gains across all sectors despite paring some intraday highs.

Food delivery major Zomato is the first new-age tech stock to replace JSW Steel in the BSE Sensex as part of the index reconstitution, which will come into effect from December 23. The food delivery platform's entry in the 30-stock index comes amid a stellar rally seen in the counter during the last 12 months,

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Zomato shares climbed nearly 4% on Monday after being included in the BSE Sensex, while JSW Steel shares dropped over 2%.

Shares of online food delivery firm Zomato climbed nearly 4% on Monday following news that it will become a part of the BSE benchmark Sensex from December 23.