India Stocks: Indian shares log weekly gains on easing oil, US rate-hike worries

Marico

03/07/2026 11:22

Updates for markets close
By Bharath Rajeswaran and Vivek Kumar M

    BENGALURU, July 3 (Reuters) - Indian shares rose to log their fourth consecutive weekly gain on Friday, after a softer-than-expected U.S. jobs report coupled with declining oil prices eased near-term Federal Reserve rate-hike concerns.
The easing came as a relief to India's IT sector, a heavyweight on the benchmarks, which has taken a battering of late on AI-disruption fears and prospects of higher rates that typically subdue U.S. client spending.
A gauge tracking the sector .NIFTYIT climbed 1.8% on Friday and snapped a five-week losing streak with a 0.4% gain.
The benchmark Sensex .BSESN gained 0.34% to 77,763.91 on Friday, while the Nifty 50 .NSEI rose 0.39% to 24,270.85.
The Sensex and Nifty rose about 0.9% this week, extending their four-week gains to 4.7% and 3.9%, helped by lower oil and steps to support both the rupee and foreign inflows.
"The Reserve Bank of India's recent measures have bought Indian markets some breathing room, helping steady the currency and draw in foreign inflows at a time when the balance of payments is under pressure," said Sat Duhra, portfolio manager at the Asia ex-Japan equity team, Janus Henderson Investors.
Brent crude LCOc1 hovered at about $72 a barrel, about 43% down from its Iran-war peak. O/R
"The Indian market still needs a strong earnings pulse (for further upmove)," Duhra said.
June-quarter earnings, starting next week, are expected to show the war's full toll on corporate profitability.
Eleven of the 16 major sectors logged weekly gains. The broader small-caps .NIFSMCP100 and mid-caps .NIFMDCP100 added 2.1% and 0.6%, respectively.
Pharma stocks .NIPHARM gained 3.1%, supported by buying in the sector seen as relatively shielded from crude and weak monsoon risks.
Bucking the trend, Eicher Motors EICH.NS fell 3.4% this week, after brokerages flagged the Royal Enfield maker as most exposed to Delhi's new EV policy.
On the day, electrical equipment companies declined after the government allowed four Chinese firms to bid for public procurement orders.

(Reporting by Vivek Kumar M and Bharath Rajeswaran; Editing by Subhranshu Sahu and Harikrishnan Nair)
((vivekkumar.m@thomsonreuters.com))