Noida, June 30 (APAC Media): Indian benchmark equity indices Sensex bse, and Nifty extended losses for a second consecutive session on Tuesday, dragged lower by weakness in information technology and select heavyweight stocks, while broader markets continued to outperform.
The BSE Sensex closed 250 points, or 0.33%, lower at 76,478.67, while the NSE Nifty 50 fell 81 points, or 0.34%, to settle at 23,865.75.
The decline marked the second straight day of losses for the benchmark indices amid cautious investor sentiment.
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Meanwhile, the Indian rupee weakened 15 paise to close at 94.65 against the US dollar. Brent crude oil traded with marginal gains, holding above the $73 per barrel mark.
Selling pressure was concentrated in information technology stocks, with Infosys, Tata Consultancy Services and HCL Technologies among the major laggards.
The overall market capitalisation of BSE-listed companies rose to nearly ₹474 lakh crore on Tuesday, compared with ₹473.7 lakh crore in the previous session.
“The NBFC sector has outpaced banks over the past few years, supported by strong credit growth, improving margins, better asset quality, and multiple turnaround stories,” Nuvama said in report.
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Heavyweights including ICICI Bank, Reliance Industries, State Bank of India and ITC also ended lower, adding to the weakness in the headline indices.
Market participants attributed the decline to profit booking after recent gains, concerns over global demand for technology services and caution ahead of key economic data and policy signals from the United States.
In contrast, broader markets remained resilient. The Nifty Midcap 100 index ended 0.37% higher, while the Nifty Smallcap 100 gained 1.02%, indicating sustained investor interest in mid- and small-cap shares despite weakness in large-cap stocks.
Nuvama noted in report that it prefers select second-line NBFCs with completed turnarounds and improving growth visibility, with BUY recommendations on Shriram Finance, L&T Finance, Aditya Birla Capital, and CREDAG.
Among sectoral indices, Nifty IT was the worst performer, declining 2.73%, followed by losses in the FMCG index.
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Realty and consumer durable stocks bucked the trend and closed higher on the back of selective buying.
Maruti Suzuki India, Titan Company, Bajaj Finance and Adani Enterprises were among the top gainers on the Nifty, while information technology companies dominated the list of losers.
Analysts said investors remained cautious due to lingering geopolitical tensions, concerns over the progress of the monsoon and uncertainty surrounding the outlook for global interest rates.
However, stable crude oil prices, a relatively firm rupee and moderation in foreign investor selling are expected to provide support to domestic equities in the near term.
The broader market’s outperformance also lifted the combined market capitalisation of BSE-listed companies, reflecting continued participation in mid- and small-cap segments despite weakness in benchmark indices.
–ENDS–
Disclaimer: Views expressed are those of experts and do not reflect APAC Media. This is for informational purposes only, not financial advice. We are not responsible for investment decisions. Please consult a qualified financial advisor before investing.
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