As per provisional closing data, the barometer index, the S&P BSE Sensex was down 34.74 points or 0.04% to 79,441.45. The Nifty 50 index lost 18.10 points or 0.07% to 24,123.85.

The Sensex and Nifty clocked an all-time high of 79,855.87 and 24,236.35, respectively in early trade.

In the broader market, the S&P BSE Mid-Cap index declined 0.57% and the S&P BSE Small-Cap index rose 0.07%.

The S&P BSE Mid-Cap and S&P BSE Small-Cap index hit an all-time high at 46,869.53 and 53,297.26, respectively.

The market breadth was positive. On the BSE, 2,047 shares rose and 1,871 shares fell. A total of 90 shares were unchanged.

New Listing:

Shares of Allied Blenders and Distillers closed at Rs 317.45 on the BSE, representing a premium of 12.97% as compared with the issue price of Rs 281.

The scrip was listed at Rs 318.10, exhibiting a 0.20% discount to the issue price.

The stock has hit a high of 324.40 and a low of 306.70 On the BSE, over 36.90 lakh shares of the company were traded in the counter.

Buzzing Index:

The Nifty PSU Bank index declined 1.81% to 7,178. The index fell 2.55% in the second consecutive trading sessions.

Bank of Baroda (down 2.77%), Bank of India (down 2.56%), Canara Bank (down 1.9%), State Bank of India (down 1.78%), Punjab National Bank (down 1.57%), UCO Bank (down 1.48%), Bank of Maharashtra (down 1.34%), Indian Bank (down 1.28%), Punjab & Sind Bank (down 0.93%) and Central Bank of India (down 0.87%) declined.

Auto sales impact:

Maruti Suzuki India shed 0.63%. The car major's total output dipped 2.94% year-over-year, with production reaching 133,095 units compared to 137,133 units in June 2023.

Tata Motors declined 1.76% after its total domestic sales for June 2024 stood at 74,147 vehicles, registering de-growth of 8% compared to 80,383 units in June 2023.

Eicher Motors rose 0.02%. The company informed that it has sold 73,141 motorcycle units in June 2024, which is lower by 5% as compared with 77,109 units in June 2023.

TVS Motor Company shed 0.83%. The company has recorded monthly sales of 333,646 units in June 2024 with a growth of 5% as against 316,411 units in the month of June 2023.

Hero MotoCorp slipped 0.86%. The two-wheeler major sold 5,03,448 units of motorcycles and scooters in June 2024, which is higher by 15.20% as compared with sales of 4,36,993 units recorded in June 2023.

Stocks in Spotlight:

Larsen & Toubro (L&T) advanced 2.86% after the company’s L&T Energy Hydrocarbon (LTEH) vertical secured a 'significant’ order from the Oil & Natural Gas Corporation (ONGC) for the eighth phase of pipeline replacement project.

NMDC declined 2.70% after the state-owned miner's iron ore production declined by 3.16% to 3.37 million tonnes (MT) in June 2024 as against 3.48 MT produced in June 2023.

South Indian Bank slipped 1.55%. The private lender said that its gross advances jumped 11.35% to Rs 82,510 crore as of 30 June 2024 as against Rs 74,102 crore as of 30 June 2023.

DCX Systems zoomed 13.23% after the company bagged an order worth Rs 1,250 crore from Larsen and Toubro.

IOL Chemicals & Pharmaceuticals jumped 4.80% after China's National Medical Products Administration (NMPA) approved the company's Fenofibrate drug.

CSB Bank added 1.47% after the bank's total deposits jumped 22.24% to Rs 29,920 crore as on 30 June 2024 from Rs 24,476 crore as on 30 June 2023.

Global Markets:

European market declined on Tuesday as traders look ahead to the release of the euro zone's latest inflation data.

Asian stocks ended mixed on Tuesday as investors pondered what the U.S. Supreme Court's immunity decision meant for former president Donald Trump.

Megacap growth stocks, like Apple and Tesla, propelled the tech-heavy Nasdaq to a strong start for the new quarter. The broader market also participated in the gains, with the Dow and S&P 500 edging higher in pre-holiday trading.

Investors are awaiting key U.S. labor market data later this week, hoping for insights into the Federal Reserve's interest rate plans. The Dow Jones Industrial Average rose 0.13%, the S&P 500 gained 0.27%, and the Nasdaq Composite surged 0.83%. Notably, the tech sector jumped 1.3% in the first trading session of July.

While the US manufacturing PMI data for June indicated continued contraction, a bright spot emerged: prices paid dropped to a six-month low. This could be a welcome sign for the Fed's fight against inflation. Despite this, market expectations remain for around two interest rate cuts later this year, beginning in September, according to LSEG FedWatch.