May 4 (Reuters) - Indian equity benchmarks rose on Monday, supported by softer oil prices, upbeat automaker sales data, and trends in state election results, but losses in technology stocks and Kotak Mahindra Bank capped gains.

The Nifty 50 added 0.51% to 24,119.30, and the BSE Sensex gained 0.46% to 77,269.40.       

Thirteen of 16 major sectors logged gains. The broader small-caps and mid-caps added 0.7% and 0.6%, respectively. 

Brent crude was at about $109.6 a barrel, as of local stock market close, from last week's four-year high of $126.41. Prices cooled after U.S. President Donald Trump said Washington would move to free ships stranded in the Strait of Hormuz. 

Lower crude prices are positive for India, the world's third-largest importer of the commodity. [O/R]

"Hopes of a de-escalation in the Iran conflict drove today's market gains, but the situation remains fluid, and a durable resolution is key to any sustained market rebound," said Sunny Agrawal, head of fundamental equity research at SBICAPS Securities.

Both benchmarks gained about 1.3% in morning trade as state election results trends poured in. Prime Minister Narendra Modi's party, the BJP, and its allies' (NDA) outperformance in West Bengal and the opposition INDIA bloc's loss in Tamil Nadu triggered the boost.

"The BJP's potential win in West Bengal and the opposition-led alliance's setback in Tamil Nadu lifted near-term market sentiment on the day, as they will strengthen the NDA-led central government's hand in the upper house (of parliament)," said Agrawal.

Among sectors, IT index fell about 1% with brokerages UBS and Kotak Institutional Equities flagging concerns over artificial intelligence-led revenue deflation and risk of further valuation de-rating.

Reliance Industries, the third-heaviest stock on the benchmarks, added 2.3%, taking its post-results gains to 10.2% in five sessions.

Maruti Suzuki, Bajaj Auto and Eicher Motors gained 1.9%, 1.4% and 3.1%, respectively, on upbeat monthly sales data, announced on Friday and over the weekend.

Hindustan Unilever gained 2.6% after reporting a rise in the March-quarter profit, aided by consumption tax cuts.

Kotak Mahindra Bank fell 3%, with multiple brokerages flagging a weaker margin outlook in fiscal year 2027.

Broadcaster Sun TV fell 4.9%, with the ruling DMK-led alliance appearing headed for a surprise defeat in the Tamil Nadu election. The company is owned by Kalanithi Maran, a close relative of incumbent Chief Minister MK Stalin.

(Reporting by Bharath Rajeswaran in Bengaluru; Editing by Subhranshu Sahu, Mrigank Dhaniwala, Janane Venkatraman and Harikrishnan Nair)

By Bharath Rajeswaran