MUMBAI, India, June 30 (ANI) — Indian equity markets closed lower Tuesday, with information technology stocks leading the decline, while electric vehicle (EV) companies such as Ather Energy and Ola Electric rallied after the Delhi government announced a new EV policy aimed at accelerating electric vehicle adoption and improving air quality.
The Nifty ended the session at 23,865.75, down 80.50 points, or 0.34%, falling below the psychological 24,000 mark. The Sensex closed at 76,478.67, down 249.70 points, or 0.33%.
The broader market remained resilient, with the Nifty Smallcap 100 rising 1.02% and the Nifty Midcap 100 gaining 0.37%.
Among EV-focused companies, Ola Electric shares rose 8.37% to close at Rs. 43.76, while Ather Energy gained 5.24% to end at Rs. 1,140.55. The rally followed the Delhi government’s unveiling Monday of its new EV policy designed to improve air quality and encourage electric vehicle adoption in the national capital.
In contrast, several conventional automakers remained under pressure. Hero MotoCorp fell 0.30%, Bharat Forge declined 0.96%, and Eicher Motors dropped 4.38%. Tata Motors advanced 1.87%, while Bosch edged up 0.29%.
The Nifty MidSmall Healthcare index emerged as the top sectoral gainer, climbing 1.45%, followed by Nifty Chemicals, up 1.42%; Nifty Realty, up 1.31%; and Consumer Durables, which gained 1.16%.
On the BSE, Maruti, Titan, Bajaj Finance, Eternal, Adani Ports, Bharti Airtel, IndiGo, Trent, and NTPC were among the top gainers. Infosys, ITC, HCLTech, TCS, and Tata Steel led the losers, with the IT index declining more than 2%.
The Indian rupee closed at 94.66 against the U.S. dollar, compared with its previous close of 94.54, marking its first quarter-over-quarter gain since March 2025.
Dilip Parmar, Research Analyst at HDFC Securities, said the rupee weakened for a third consecutive session due to persistent safe-haven demand for the U.S. dollar and strong corporate demand for the currency.
“Indian rupee depreciated for the third consecutive session, weighed down by persistent safe-haven flows into the greenback and strong corporate dollar demand. Broader risk-off sentiment across global markets continues to keep the domestic currency under pressure,” Parmar said.
He added that spot USD/INR faces immediate resistance at 95.10, while 94.40 remains a key support level.
Market analyst Vipin Dixena said the Nifty’s close below 24,000 reflects a period of consolidation rather than a reversal in the broader market trend.
“With Nifty ending below 24,000 and broader sentiment turning cautious amid profit booking and sectoral selling, this is still a consolidation phase, not a trend reversal,” Dixena said.
He added that EV stocks have demonstrated relative strength despite the broader market weakness, signaling long-term investor confidence.
“The macro story remains intact, but sentiment needs one to two sessions to reset before the next leg up,” Dixena said.
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