Indian equity markets rebounded on Wednesday, snapping a two-session losing streak, buoyed by declining international oil prices and robust June auto sales data.
Market sentiment was underpinned by easing geopolitical tensions in West Asia, which improved shipping conditions through the Strait of Hormuz. State-owned oil marketing companies subsequently reduced LPG and aviation turbine fuel prices, with Nayara Energy cutting petrol and diesel rates at its fuel stations, prompting expectations that Indian Oil Corporation (IOC), HPCL, and BPCL would follow suit.
Oil prices extended their recovery, with Brent crude futures trading below $72 a barrel following a over 20 percent decline in June amid renewed diplomatic engagement between Washington and Tehran to de-escalate their conflict.
The 30-share BSE Sensex rose 443.97 points, or 0.58 percent, to 76,922.64, while the NSE Nifty index gained 140.10 points, or 0.59 percent, at 24,005.85. The BSE mid-cap and small-cap indexes edged up 0.3 percent and 0.2 percent, respectively.
Market breadth remained strong, with 2,274 shares advancing, 1,997 declining, and 176 remaining unchanged. Among top gainers, Eternal surged 5.7 percent, while SBI, Adani Ports, Hindustan Unilever, and Asian Paints climbed 2-3 percent.
Auto stocks outperformed, reflecting June sales data. Mahindra & Mahindra advanced 1.9 percent after reporting a 37 percent year-on-year jump in sales, while Maruti Suzuki India gained 1.7 percent following a 23.8 percent surge in its June sales.
IT stocks extended recent losses, with Infosys, TCS, Tech Mahindra, and HCL Technologies falling 2-3 percent amid concerns over sector growth prospects.


