Mumbai’s benchmark indices closed marginally down on Thursday amid mixed global cues and cautious investor sentiment. The Sensex shed 127 points or 0.16% to settle at 82,118, while the Nifty 50 dipped 58 points or 0.23% to 25,124. Despite the tepid performance of frontline stocks, midcap and smallcap segments bucked the trend with notable gains.
Sector-wise, banking and financial services led the losses, dragging the indices lower. Heavyweights like HDFC Bank and ICICI Bank posted declines of over 1%, weighing on the Nifty Bank index which fell 0.8%. IT stocks showed resilience, with TCS and Infosys ending flat to positive.
Midcap stocks stole the show as the Nifty Midcap 150 index climbed 0.7%, outperforming the broader market. Standouts included Adani Power, which surged 4% on strong power demand outlook, and Zomato gaining 2.5% amid buzz around quick commerce expansion. Smallcaps also rallied, with the Nifty Smallcap 250 up 0.9%.
Market breadth remained positive with 2,200 stocks advancing against 1,500 decliners on the BSE. Investors largely stayed sidelined ahead of key US Fed policy decision and domestic earnings season kickoff. ‘Selective buying in beaten-down midcaps provided support, but largecaps face headwinds from valuation concerns,’ said Vinod Nair, Head of Research at Geojit Financial Services.
Looking ahead, analysts expect volatility to persist with focus shifting to Q2 corporate results and global trade tensions. The rupee held steady at 84.45 against the dollar, while crude oil prices eased slightly, offering some relief to importers. Gold hovered near record highs as safe-haven demand remained intact.