Benchmark indices have turned red with Nifty shedding 9 points and is trading at 11,936 while the Sensex is down 53 points and is trading at 39,778 mark.
In Modi 2.0 cabinet, Nirmala Sitaraman has been given the responsibility of the Finance Ministry and has become the first female to assume the role after Indira Gandhi.
Bank Nifty is down over half a percent dragged by YES Bank, Bank of Baroda, IDFC First Bank, Kotak Mahindra Bank, Punjab National Bank and ICICI Bank.
From the PSU banking space, the top losers are Union Bank of India, Bank of India, Indian Bank, Bank of Baroda and Central Bank of India.
The top losers from the metal space are JSPL, Hindustan Copper, SAIL, JSW Steel and Tata Steel.
Nifty IT is up close to a percent led by Tech Mahindra, Tata Consultancy Services and HCL Tech.
India VIX jumped 3.78 percent at 16.20 levels.
The top Nifty gainers included Asian Paints, Indiabulls Housing Finance, Indian Oil Corporation, Tech Mahindra and Britannia Industries while the top losers are Grasim Industries, Vedanta, YES Bank, Mahindra & Mahindra and Zee Entertainment.
The most active stocks were Reliance Industries, State Bank of India, HDFC, NCC and Just Dial.
47 stocks have hit 52-week high on BSE including Refex Industries, Usha Martin, Info Edge, HPCL, PNC Infratech, Bajaj Finance, HDFC Bank, Deep Industries and Kajaria Ceramic among others.
88 stocks have hit 52-week low on BSE including Manpasand Beverages, IIFL Holdings, Jubilant Life Sciences, Lloyds Metals and Blue Dart Express among others.
The breadth of the market favoured the declines as 592 stocks advanced and 1119 declined while 383 remained unchanged on the NSE. On the BSE, 880 stocks advanced, 1498 declined and 145 remained unchanged.
Disclosure: Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd.