Sensex ends 250 pts lower, Nifty slips below 23,900; Ather, Ola surge on Delhi EV policy
Mumbai, June 30
The Indian equity markets ended in negative territory on Tuesday, with IT stocks emerging as the biggest drag, while electric vehicle stocks such as Ather Energy and Ola Electric rallied following the Delhi government's announcement of a new EV policy aimed at accelerating electric vehicle adoption and improving air quality.
The Nifty closed at 23,865.75, down 80.50 points or 0.34 per cent, slipping below the psychological 24,000 mark, while the Sensex settled at 76,478.67, lower by 249.70 points or 0.33 per cent.
The broader market remained resilient, with the Nifty Smallcap 100 rising 1.02 per cent and the Nifty Midcap 100 gaining 0.37 per cent.
Among EV-focused companies, Ola Electric shares closed in the green at Rs 43.76 apiece, up 8.37 per cent, while Ather Energy shares ended at Rs 1,140.55, gaining 5.24 per cent. The gains came after the Delhi government on Monday unveiled its EV policy to improve air quality and accelerate electric vehicle adoption in the national capital.
In contrast, several conventional automobile stocks remained under pressure. Hero MotoCorp declined 0.30 per cent, Bharat Forge slipped 0.96 per cent and Eicher Motors fell 4.38 per cent. Tata Motors gained 1.87 per cent, while Bosch rose 0.29 per cent.
Nifty Midsmall Healthcare emerged as the top sectoral gainer, surging 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), among others.
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 declining over 2 per cent.
The rupee ended the day at 94.66 per dollar against its previous close of 94.54 per dollar, marking its first quarter-on-quarter gain since March 2025.
Dilip Parmar, Research Analyst, HDFC Securities, noted, "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."
As per the analyst, "Spot USDINR faces immediate resistance at 95.10, while a breakdown below 94.40 will act as key support."
Market analyst Vipin Dixena noted, "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."
As per Dixena, EV stocks have shown relative strength even in a down market, which signals long-term conviction. "The macro story remains intact, but sentiment needs 1-2 sessions to reset before the next leg up," Dixena said.
— ANI
Reader Comments
Sensex down 250 points and Nifty below 24,000 – this is just profit booking after the recent rally. Nothing to worry about. EV stocks gaining is encouraging but we need to see if this policy actually gets implemented on ground. Delhi's air quality is terrible, so fingers crossed! 🍀
Market is just consolidating. Vipin Dixena is spot on – this isn't a trend reversal. EV stocks are the long-term winners. I've been holding Ola Electric since IPO and this policy boost is very welcome. But honestly, IT sector falling is a concern – Infosys and TCS dragging the market down. Need to watch the rupee too, it's weakening.
Good for EV stocks but I'm a bit skeptical. Ola's after-sales service has been questionable. Ather is more reliable but expensive. Policy announcements are fine but implementation matters. Also, conventional auto stocks falling – Hero MotoCorp and Eicher – shows market is rotating. Healthcare and realty doing well is a positive sign for the broader economy.
Rupee at 94.66 is concerning. First quarterly gain since March 2025 is good but analysts say it could test 95.10 resistance. Overall market sentiment is cautious. I'm happy about the EV policy though – Delhi desperately needs cleaner air. Just hope the charging infrastructure is built alongside. No point having EVs if there's nowhere to charge them! 😤🔋
Market is in consolidation mode as Dixena said. But the EV rally is interesting – Ola up 8.37% and Ather up 5.
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