SENSEX, NIFTY50 edge lower dragged down by losses in Infosys, Reliance Industries

The Indian equity benchmarks edged lower on Tuesday, June 30, dragged down by losses in index heavyweights like Infosys, Reliance Industries, Kotak Mahindra Bank, Tata Steel, HDFC Bank and Tata Consultancy Services. The SENSEX declined as much as 102 points and NIFTY50 index touched an intraday low of 23,890.

Asian markets were trading on a mixed note as Japan's Nikkei surged 0.9%, South Korea's KOSPI advanced 1.51% while Hong Kong's Hang Seng declined 1% and China's Shanghai Composite was trading on a flat note.

US stocks ended higher on Monday powered by a rally in tech shares after Samsung Electronics and SK Hynix said they will invest roughly $518 billion in a new chipmaking hub in South Korea.

Tech heavy Nasdaq rose 2.07%, S&P 500 index rose 1.18% and Dow Jones Industrial Average gained 0.59%.

Back home, nine of 15 major sector gauges compiled by the National Stock Exchange (NSE) were trading lower led by the NIFTY IT index's over 1.7% fall. NIFTY Auto, FMCG, Metal, PSU Bank and Consumer Durables indices also fell between 0.1% and 1.2%.

On the flip side, select pharma and healthcare shares were witnessing buying interest.

Broader markets were trading on a mixed note as NIFTY Midcap 100 index declined 0.2% and NIFTY Smallcap 100 index rose 0.2%.

Eicher Motors was top loser in the NIFTY50 index, the stock fell 6% to ₹6,942 after Delhi's new EV policy came as a shocker for the company, analysts noted.

The new policy proposed that people buying e-two-wheelers will get a subsidy of ₹30,000 in the first year, ₹20,000 in the second year and ₹10,000 in the third year.

Tata Consumer Products, Infosys, TCS, HCL Tech, Dr Reddy's Labs, HDFC Life, Tata Steel and Hindustan Unilever also declined between 1.13% and 3.6%.

On the other hand, Maruti Suzuki, Titan, Axis Bank, Bharti Airtel, Nestle India, Adani Enterprises, Grasim and InteGlobe Aviation were top gainers in the NIFTY50 index.

The overall market breadth was neutral as 1,464 shares were advancing while 1,281 were declining on the NSE.