Nearly 5,000 lawmakers in India Thursday cast their votes to elect a new President to replace the country's first female ceremonial head of state, Pratibha Patil, whose five-year tenure ends on July 25.

Indian Prime Minister Manmohan Singh and Congress chief Sonia Gandhi were among a total of 776 Members of Parliament who exercised their franchise to elect the head of state, along with some 4,120 legislators from across all the states.

Experts say that favorite for the post of the President is former Indian Finance Minister Pranab Mukherjee nominated by the country's ruling Congress-led United Progressive Alliance to contest the poll.

His main challenger is former Lok Sabha (Lower House of Parliament) Speaker P.A. Sangma nominated by the main opposition Bharatiya Janata Party-led National Democratic Alliance.

The results will be announced on July 22.

Though the post of the President is largely ceremonial, the new head of state could play a decisive role in determining who forms the next government when the general elections take place in 2014.

Indian Presidents are not elected directly by the people, but by an electoral college made up of Members of Parliament and state legislators.