Sensex Falls 250 Points, Nifty Slips Below 23,900 as IT Stocks Drag Markets Lower

Indian equity markets ended in the red on Tuesday, weighed down by weakness in Information Technology stocks and profit booking across key sectors. However, electric vehicle (EV) counters bucked the trend, with Ather Energy and Ola Electric posting strong gains after the Delhi government announced a new EV policy aimed at accelerating electric vehicle adoption and improving air quality in the national capital.

The Nifty settled at 23,865.75, down 80.50 points or 0.34 per cent, slipping below the 24,000 mark, while the Sensex closed 249.70 points lower, or 0.33 per cent, at 76,478.67.

EV stocks outperform despite weak market sentiment

Electric vehicle-linked stocks emerged as key gainers during the session following the Delhi government's policy announcement.

Ola Electric shares rose 8.37 per cent to close at Rs 43.76 apiece, while Ather Energy advanced 5.24 per cent to end at Rs 1,140.55.

In contrast, several conventional automobile stocks remained under pressure. Hero MotoCorp declined 0.30 per cent, Bharat Forge fell 0.96 per cent and Eicher Motors dropped 4.38 per cent. Tata Motors gained 1.87 per cent, while Bosch edged up 0.29 per cent.

The broader market showed resilience despite the weakness in frontline indices. The Nifty Smallcap 100 gained 1.02 per cent and the Nifty Midcap 100 rose 0.37 per cent.

Healthcare, chemicals and realty lead sectoral gains

Sectoral performance remained mixed, with Nifty Midsmall Healthcare emerging as the top gainer, rising 1.45 per cent. Nifty Chemicals advanced 1.42 per cent, while Nifty Realty and Consumer Durables gained 1.31 per cent and 1.16 per cent, respectively.

Among Sensex and Nifty constituents, Maruti, Titan, Bajaj Finance, Eternal, Adani Ports, Bharti Airtel, IndiGo, Trent and NTPC were among the major gainers.

On the losing side, Infosys, ITC, HCL Tech, TCS and Tata Steel weighed on the benchmarks, with the IT index declining more than 2 per cent.

Rupee weakens as analysts see consolidation phase in equities

The rupee closed at 94.66 against the US dollar, compared with its previous close of 94.54, though it recorded its first quarter-on-quarter gain since March 2025.

Commenting on currency movement, Dilip Parmar, Research Analyst at HDFC Securities, said, "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."

He added, "Spot USDINR faces immediate resistance at 95.10, while a breakdown below 94.40 will act as key support."

Market analyst Vipin Dixena said the current weakness does not indicate a reversal in the broader 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."

Highlighting the strength in EV counters, Dixena added, "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."

(With inputs from ANI)