Indian equity markets closed in decline on Tuesday. There was maximum selling in IT shares. However, after the announcement of Delhi government’s new EV policy, EV stocks like Ather Energy and Ola Electric surged strongly.
Mumbai (Maharashtra) [भारत]June 30 (ANI): Indian equity markets closed lower on Tuesday, with IT stocks emerging as the biggest detractors. At the same time, electric vehicle (EV) stocks like Ather Energy and Ola Electric gained momentum after the Delhi government announced a new EV policy aimed at accelerating the adoption of electric vehicles and improving air quality.
Nifty closed at 23,865.75, down 80.50 points or 0.34 per cent, slipping below the psychological level of 24,000, while Sensex closed at 76,478.67, down 249.70 points or 0.33 per cent. However, the broader market remained bullish, with Nifty Smallcap 100 rising 1.02 per cent and Nifty Midcap 100 rising 0.37 per cent.
Mixed trading in auto stocks
Among EV-focused companies, shares of Ola Electric closed in the green at Rs 43.76 per share, up 8.37 per cent, while Ather Energy shares closed at Rs 1,140.55, up 5.24 per cent. The surge came after the Delhi government on Monday unveiled its EV policy to improve air quality in the national capital and accelerate the adoption of electric vehicles. In contrast, many traditional automobile stocks remained under pressure. Hero MotoCorp fell 0.30 percent, Bharat Forge fell 0.96 percent and Eicher Motors fell 4.38 percent. Tata Motors gained 1.87 per cent, while Bosch gained 0.29 per cent.
There was a boom in these sectors
Nifty Midsmall Healthcare emerged as the top sectoral gainer with a gain of 1.45 per cent, followed by Nifty Chemicals (1.42 per cent), Nifty Realty (1.31 per cent) and Consumer Durables (1.16 per cent). On the BSE, Maruti, Titan, Bajaj Finance, Eternal, Adani Ports, Bharti Airtel, IndiGo, Trent and NTPC were among the major gainers. Infosys, ITC, HCL Tech, TCS and Tata Steel were among the top losers, with the IT index falling more than 2 per cent.
Rupee weak against dollar
The rupee closed at 94.66 per dollar against its previous close of 94.54 per dollar, the first quarter-on-quarter gain since March 2025. “The Indian rupee depreciated for the third consecutive session due to continued safe-haven flows into the greenback and strong corporate dollar demand. Broad risk-off sentiment in global markets kept the domestic currency under pressure,” said Dilip Parmar, Research Analyst at HDFC Securities.
According to the analyst, “Spot USDINR faces immediate resistance at 95.10, while a fall below 94.40 will act as a key support.”
Expert opinion on the market
“Broad sentiment has turned cautious amid Nifty closing below 24,000 amid profit-booking and sectoral selling. This is still a consolidation phase and not a trend reversal,” said market analyst Vipin Diksena.
According to Diksena, EV stocks have shown relative strength even in a declining market, indicating long-term confidence. “The macro story remains intact, but sentiment needs 1-2 sessions to reset before the next uptrend,” Diksena said. (ANI)
(Except for the headline, this story has not been edited by Asianetnews Editorial staff and is published from a syndicated feed.)