Banks, lower oil lift markets for fourth straight session

Indian equity benchmarks extended their winning streak to a fourth consecutive session on Monday, supported by strong gains in banking stocks, fresh foreign institutional inflows and easing crude oil prices. 

The positive close came despite mixed global market cues, as investors remained optimistic about India's macroeconomic outlook and the upcoming corporate earnings season. 

The BSE Sensex advanced  0.67% to settle at 78,285.07, after rising as much as 634 points during the session. The NSE Nifty gained 0.66% to close at 24,430.35. 

Over the past four trading sessions, both benchmark indices have rallied 2.36%, reflecting sustained investor confidence. Banking stocks led the market higher, with HDFC Bank emerging as the top gainer on the Sensex after rising 3.59%. Shares of ICICI Bank, Reliance Industries, Mahindra & Mahindra, Maruti Suzuki and Bharat Electronics also ended firmly higher. 

In contrast, Kotak Mahindra Bank, TCS, Bajaj Finserv and Power Grid closed in negative territory. 

Market sentiment was further supported by lower global crude oil prices. Brent crude slipped 0.82% to $71.53 a barrel, easing concerns over inflation and improving the outlook for India's current account balance, oil marketing companies and broader economic stability.

Analysts said profit-booking in technology stocks linked to the global artificial intelligence rally weighed on overseas markets. However, India's relatively resilient economic fundamentals and improving foreign investment flows continued to attract investors towards large-cap stocks. Sectorally, financials, automobiles, real estate and oil & gas shares outperformed. 

Banking stocks gained on expectations of healthy quarterly earnings, while automobile companies benefited from robust sales trends and improving demand. 

—FPJ News Service