Mumbai | Stock markets closed with gains on Tuesday, extending the winning run to the third day on the trot after buying in power, utilities, oil and gas and banking shares.

The 30-share BSE Sensex climbed 229.84 points or 0.32 per cent to settle at 71,336.80. During the day, it jumped 364.33 points or 0.51 per cent to 71,471.29. Index heavyweights HDFC Bank and Reliance Industries contributed around 120 points to the rally.

The broader Nifty advanced 91.95 points or 0.43 per cent to 21,441.35.

Power, utilities, banking, oil and gas and commodities shares attracted buying while IT and teck shares succumbed to selling.

Among the Sensex firms, NTPC, Mahindra & Mahindra, Wipro, Kotak Mahindra Bank, Tata Steel, Asian Paints, Bharti Airtel, Power Grid, Titan and HDFC Bank were the major gainers.

Bajaj Finance, Bajaj Finserv, Infosys, Tata Consultancy Services, Tata Motors and HCL Technologies were the 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 per cent to USD 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 per cent to settle at 71,106.96 on Friday. The Nifty went up by 94.35 points or 0.44 per cent to 21,349.40.