Stock markets rally for 3rd day on firm trend in Asian equities, buying in HDFC Bank

MUMBAI: Stock markets closed with gains on Tuesday, marking the third consecutive day of positive momentum fueled by increased buying activity in power, utilities, oil and gas, and banking shares.

The 30-share BSE Sensex rose by 229.84 points or 0.32% to settle at 71,336.80. Throughout the day, it surged by 364.33 points or 0.51%, reaching 71,471.29. Major contributors to the rally were index heavyweights HDFC Bank and Reliance Industries, accounting for approximately 120 points.

The broader Nifty recorded an advancement of 91.95 points or 0.43%, closing at 21,441.35.

Buying interest was observed in power, utilities, banking, oil and gas, and commodities shares, while IT and tech shares experienced selling pressure.

Among the Sensex companies, notable gainers included NTPC, Mahindra & Mahindra, Wipro, Kotak Mahindra Bank, Tata Steel, Asian Paints, Bharti Airtel, Power Grid, Titan, and HDFC Bank.

Conversely, Bajaj Finance, Bajaj Finserv, Infosys, Tata Consultancy Services, Tata Motors, and HCL Technologies ended the day as laggards.

In Asian markets, Seoul and Tokyo settled with gains while Shanghai ended lower. Markets in Hong Kong were closed.

US and European markets were closed on Monday. European markets remained closed on Tuesday for Boxing Day.

Global oil benchmark Brent crude climbed 0.03% to $79.09 a barrel.

Equity markets were closed on Monday for Christmas.

"Global markets are rallying in anticipation of aggressive US FED rate cuts in 2024. And Indian equities too are experiencing a surge despite premium valuations driven by reversed FIIs inflows amid global risk-on," said Vinod Nair, Head of Research, Geojit Financial Services.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 2,828.94 crore on Friday, according to exchange data.

The BSE benchmark climbed 241.86 points or 0.34% to settle at 71,106.96 on Friday. The Nifty went up by 94.35 points or 0.44% to 21,349.40.