Sensex down 100 pts, Nifty below 24,700 as IT stocks decline; smallcap index down for 9th straight day

Laggards on the index included Bharat Electronics, Eternal, Infosys, Wipro, and SBI Life Insurance.

Benchmark indices Nifty and Sensex were off to a flat-to-weak start on July 29, extending their fall for a third session in a row as global jitters and disappointing earnings weighed on sentiment. US markets ended mixed after a strong start, while Asian peers slipped. IT stocks led the decline, while the smallcap index slipped for a 9th session in a row.

At about 9:30 am, the Sensex was down 117.96 points or 0.15 percent at 80,773.06, and the Nifty was down 17.55 points or 0.07 percent at 24,663.35. About 1317 shares advanced, 1062 shares declined, and 129 shares were unchanged.

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“The key overhang on markets right now is the uncertainty around the India-US trade deal, which hasn’t materialised yet,” said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services. “With the August 1 deadline approaching and time running out, the chances of a deal being struck are diminishing. President Trump’s successful negotiations with Japan and the EU—largely in America’s favour—could harden the US stance on India. We’ll have to wait and watch what unfolds in the coming days,” he added.

At market open on July 29, sectoral indices on the NSE were trading mixed. The India VIX inched up 0.75 percent to 12.15, reflecting a slight uptick in volatility. Among gainers, Nifty Oil & Gas rose 0.52 percent, Nifty Metal added 0.33 percent, and Nifty Energy was up 0.22 percent. Nifty Infra and Realty also saw modest gains of 0.21 percent and 0.20 percent, respectively. On the flip side, Nifty IT slipped 0.46 percent, while Nifty Consumer Durables and Nifty Bank were down 0.18 percent and 0.12 percent, respectively. The broader markets showed mixed cues, with the Nifty Midcap 100 inching up 0.04 percent, while the Nifty Smallcap 100 declined 0.32 percent.

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From a stock's perspective, IndusInd Bank shares surged 2 percent after it reported better-than-expected results for the first quarter. The lender reported a 68 percent decline in standalone net profit at Rs 684 crore, hurt by a decline in loans and a rise in provisions for potential bad loans. On a consolidated basis, net profit fell 72 percent year-over-year to Rs 604 crore. Macquarie, Citi, and CLSA have dished out bearish calls on the stock.

Shares of Bharat Electronics fell over 2  percent after its profit jumped 25 percent year-on-year, but witnessed a sequential decline. The state-run defence electronics firm reported a standalone net profit of Rs 969.13 crore for the quarter ended June 2025, up 25 percent from Rs 776.14 crore a year ago. CLSA has maintained its outperform call on the stock.

Technical View

The index has decisively broken down from its prolonged consolidation phase, violating multiple support levels and confirming a bearish shift in the near-term structure. If the Nifty breaches 24,650 on a closing basis, we may witness accelerated unwinding, pushing the index further down toward the 24,500–24,450 band.

On the upside, the resistance zone has now migrated downward to 24,960–25,000, and any attempted relief rally toward this band may face renewed supply pressure. Until the index reclaims and sustains above 25,000, the broader bias will firmly remain negative, and rallies may be used to initiate fresh shorts rather than as signs of reversal The ongoing breakdown clearly signals a shift in sentiment, and it’s crucial for traders to remain aligned with the prevailing trend.

JSW Steel, IndusInd Bank, Jio Financial Services, ONGC, and Tata Consumer Products were the top gainers on the Nifty. Laggards on the index included Bharat Electronics, Eternal, Infosys, Wipro, and SBI Life Insurance.

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