At 13:30 IST, the barometer index, the S&P BSE Sensex was down 40.86 points or 0.05% to 79,435.33. The Nifty 50 index lost 28.20 points or 0.12% to 24,113.75.

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 0.74% and the S&P BSE Small-Cap index shed 0.08%.

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 negative. On the BSE, 1,819 shares rose and 2,018 shares fell. A total of 113 shares were unchanged.

Gainers & Losers:

Wipro (up 2.51%), Infosys (up 2.18%), Larsen and Toubro (up 2.23%), HDFC Bank (up 1.71%) and Hindalco Industries (up 1.11%) were major Nifty gainers.

Shriram Finance (down 3.31%), Kotak Mahindra Bank (down 3.27%), Tata Motors (down 1.88%), Indusind Bank (down 1.84%) and State Bank of India (down 1.71%) were major Nifty losers.

Larsen & Toubro (L&T) advanced 2.23% 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.

Tata Motors fell 1.88%. The company’s total domestic sales for June 2024 stood at 74,147 vehicles, registering de-growth of 8% compared to 80,383 units in June 2023.

Stocks in Spotlight:

Maruti Suzuki India shed 0.68%. 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.

TVS Motor Company declined 1.55%. The company’s Total sales were up 5% year-on-year at 3.33 lakh units in June. 2-wheeler sales went up 6% at 3.22 lakh units, motorcycle sales up 3% at 1.52 lakh units, scooter sales up 6% at 1.28 lakh units, EV sales up 10% at 15,859 units and total exports down 4% at 76,074 units.

Hero MotoCorp declined 1.75%. The company’s total sales went up 15% year-on-year to 5.03 lakh units in June. Domestic sales were up 16% at 4.91 lakh units, exports were down 15% at 12,032 units, and motorcycle sales were up 17% at 4.73 lakh units for the month of June.

IOL Chemicals & Pharmaceuticals jumped 5.51% after China's National Medical Products Administration (NMPA) approved the company's Fenofibrate drug.

Global Markets:

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

Most Asian stocks traded higher as investors assessed the South Korea’s inflation came in at 2.4% for June.

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.