India Stocks: Indian shares rise as gains in auto, financials outweigh IT losses

KPIT Technologies

Today 11:07

Updates for market close
By Bharath Rajeswaran and Vivek Kumar M

    July 1 (Reuters) - 
    Indian shares advanced on Wednesday as gains in financials, auto and consumer goods outweighed losses in information technology companies, while lower oil prices further lifted sentiment.
  
The benchmarks Nifty 50 .NSEI rose 0.59% to 24,005.85 and the BSE Sensex .BSESN gained 0.58% to 76,922.64.
Brent crude futures fell 1% to $72 per barrel. 

    Iran 
    said
     on Tuesday it would not meet top U.S. envoys who flew to the region after the outbreak of hostilities, though 
    a senior Iranian official told Reuters
     on Wednesday that indirect talks between Tehran and Washington had been underway in Doha since Tuesday night.
  

    Brent crude is down 43% from the Iran war peak of $126.41 per barrel in April 2026.O/R
  

    "We are seeing a broad-based uptick in the market, barring IT sector, as the decline in crude oil prices has addressed one of the biggest fundamental concerns," said Pankaj Pandey, head of retail research at ICICI Securities. 
  

    Twelve of the 16 major sectors advanced, while broader small-caps .NIFSMCP100 and mid-caps .NIFMDCP100 added 0.4% and 0.3%, respectively.

        Heavyweight financials .NIFTYFIN rose 0.9%, led by 1.7% jump in Axis Bank AXBK.NS and a 2% gain in State Bank of India SBI.NS.
Auto stocks .NIFTYAUTO climbed 1.2%, with Ashok Leyland ASOK.NS and Mahindra & Mahindra MAHM.NS rising 2.8% and 2%, respectively, on strong sales growth in June.

    Fast-moving consumer goods index .NIFTYFMCG rose 2.1%. Nestle India NEST.NS and Hindustan Unilever HLL.NS rose 3.5% and 3%, respectively.
  

    HSBC expects consumer staples firms to post steady June-quarter growth, helped by resilient demand and price hikes, but warned that 
    El Niño and weak monsoon
     could hurt rural demand later in fiscal 2027.     
  
KPIT Technologies KPIE.NS tumbled 17% after warning on June-quarter and fiscal 2027 profit, flagging a 1% drop in first-quarter dollar revenue. 
IT index .NIFTYIT fell 2%, declining for fourth straight session, as demand worries and concerns over a potential U.S. rate hikes weighed.

        
  


 (Reporting by Vivek Kumar M and Bharath Rajeswaran; Editing by Sherry Jacob-Phillips, Eileen Soreng and Nivedita Bhattacharjee)
 ((VivekKumar.M@thomsonreuters.com;))