Sensex, Nifty end steady after rangebound trade; Midcaps under pressure

The benchmark equity indices closed little changed on Wednesday after a lacklustre, rangebound session, with gains in banking and technology stocks helping offset losses in select financials and midcap counters.The NSE Nifty 50 rose 16 points to close at 25,212, while the BSE Sensex ended 64 points higher at 82,634. The Nifty Bank index gained 162 points to settle at 57,169, lending support to the headline index. The broader market was mixed, with the Nifty Midcap 100 rising just 8 points to 59,621.

Public sector banks outperformed the broader market, with the PSU Bank index jumping 2% following reports the government is considering raising the foreign direct investment cap in state-owned banks. State Bank of India

was among the top Nifty gainers amid speculation the lender could launch a ₹25,000-crore qualified institutional placement as early as today.

Mahindra & Mahindra advanced 2% on expectations the GST Council may lower tax rates on farm equipment. IT stocks Wipro and Tech Mahindra also saw buying interest ahead of their earnings, each ending up 2%.On the downside, Shriram Finance dropped 2% as sentiment weakened after a muted June quarter update from HDB Financial. Insurers ICICI Prudential Life and ICICI Lombard General Insurance fell 3% and 2%, respectively, with the latter paring early gains to end off session highs.

Among midcaps, Patanjali Foods climbed nearly 7% to emerge as one of the top gainers, while Page Industries, Amber Enterprises, PB Fintech, and Siemens ended among the key laggards.

Paytm extended recent gains, rising 2% to cross ₹1,000 per share for the first time since December 2024. Dixon Technologies also added 2% after announcing two new deals.

The overall market breadth was positive, with the advance-decline ratio at 3:2, reflecting broader participation across sectors despite the lack of momentum in benchmark indices.