Indian markets closed with a decline on Tuesday. There was selling pressure in IT shares. At the same time, after the announcement of the new EV policy of Delhi government, EV stocks like Ola Electric and Ather Energy saw a strong rise of up to 8%. Rupee weakened against dollar.
Mumbai (Maharashtra) [भारत]June 30 (ANI): Indian stock markets closed with losses on Tuesday. The biggest selling was seen in IT stocks, while electric vehicle (EV) stocks like Ather Energy and Ola Electric gained strongly after the announcement of Delhi government’s new EV policy. This policy has been brought with the aim of accelerating the adoption of electric vehicles and improving air quality. Nifty closed 80.50 points or 0.34 per cent lower at 23,865.75, slipping below the psychological level of 24,000. At the same time, Sensex closed at 76,478.67 with a fall of 249.70 points or 0.33 percent.
However, the broader market remained strong. Nifty Smallcap 100 gained 1.02 per cent and Nifty Midcap 100 gained 0.37 per cent.
EV shares rise, auto stocks under pressure
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. At the same time, a rise of 1.87 percent was recorded in Tata Motors and 0.29 percent in Bosch.
Which sectors rose, which fell?
Nifty Midsmall Healthcare was the top sectoral gainer with a gain of 1.45 per cent. This was followed by Nifty Chemicals (1.42 percent), Nifty Realty (1.31 percent) and Consumer Durables (1.16 percent). Maruti, Titan, Bajaj Finance, Eternal, Adani Ports, Bharti Airtel, IndiGo, Trent and NTPC were among the major gainers on BSE. Meanwhile, Infosys, ITC, HCL Tech, TCS and Tata Steel were among the top losers, with the IT index falling more than 2 percent.
Rupee weak against dollar
The rupee closed at 94.66 against the dollar, compared to its previous close of 94.54. This is its first quarter-on-quarter gain since March 2025. “The Indian rupee depreciated for the third consecutive session due to continued safe-haven demand in the greenback and strong corporate dollar. Widespread risk aversion 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
Market analyst Vipin Diksena said, “Nifty closed below 24,000 and the broader sentiment turned cautious amid profit-booking and sectoral selling. This is still a consolidation phase, not a trend reversal.”
According to Diksena, EV stocks have shown relative strength even in a down market, which is a sign of 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.)