Stocks Extend Winning Streak, Driven by Power, Utilities, and Banking Gains

Mumbai: Indian stock markets continued their winning streak for a third straight day on Tuesday, propelled by optimism in energy, utilities, and a potential shift in US monetary policy. The benchmark Sensex surged 0.32%, closing at 71,336.80, buoyed by heavyweights like HDFC Bank and Reliance Industries.

HDFC Bank and Reliance Industries, two influential players in the index, contributed significantly to the gains, adding roughly 120 points to the market. Other major winners included NTPC, Mahindra & Mahindra, Wipro, and Kotak Mahindra Bank. Notably, Bajaj Finance, Infosys, TCS, and Tata Motors faced losses.

The broader Nifty 50 index mirrored the sentiment, climbing 0.43% to 21,441.35. Asian markets, fueled by the positive Indian run, showed mixed results, with Seoul and Tokyo advancing while Shanghai declined. With Hong Kong closed and both US and European markets taking a Boxing Day break, global cues were limited.

Global oil benchmark Brent crude edged up slightly, settling at USD 79.09 per barrel. Analysts attributed the market’s momentum to the anticipation of a dovish stance from the US Federal Reserve in 2024. Vinod Nair, Head of Research at Geojit Financial Services, cited this potential pivot as a key driver, explaining that “reversed FIIs inflows amid a global risk-on sentiment” are adding strength to Indian equities despite premium valuations.