Indian equity benchmarks traded mixed by midday on Thursday, as strong gains in technology stocks helped offset broader market weakness. The 30-share BSE Sensex edged up 50.85 points or 0.07 per cent to 77,671.06, while the NSE Nifty50 slipped marginally by 10.90 points or 0.05 per cent to 23,515.60.

The market breadth remained decisively negative with 2,963 stocks declining versus 878 advancing on the BSE. The number of stocks hitting 52-week lows at 235 significantly outnumbered those touching yearly highs at 89, reflecting the underlying bearish sentiment.

IT stocks emerged as the bright spot after TCS’s quarterly results, with the company leading gains on the NSE, surging 5.89 per cent. Other technology majors followed suit – Tech Mahindra rose 3.66 per cent, Wipro gained 3.63 per cent, Infosys advanced 2.73 per cent, and HCL Technologies added 2.41 per cent.

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However, broader market indices witnessed selling pressure. The Nifty Next 50 fell 784.55 points or 1.20 per cent to 64,772.65, while the Nifty Midcap Select declined 122.65 points or 0.98 per cent to 12,358.55. The banking sector also remained under pressure, with the Nifty Bank index dropping 474.60 points or 0.96 per cent to 49,028.90.

Among the top losers, Shriram Finance fell the most at 4.16 per cent, followed by IndusInd Bank at 3.69 per cent. Adani Enterprises continued its downward trend, declining 2.81 per cent, while UltraTech Cement and Hindalco lost 2.53 per cent and 2.42 per cent respectively.

The market’s tepid performance was further evidenced by 335 stocks hitting their lower circuit compared to 150 stocks touching the upper circuit limit. The Nifty Financial Services index also traded lower, falling 180.75 points or 0.78 per cent to 22,845.40.

The morning session had started on a weak note with both benchmarks opening lower, as foreign institutional investor (FII) selling worth ₹7,170 crore weighed on sentiment. While technology stocks provided some support following TCS’s results, concerns over quarterly earnings expectations and the rupee’s weakness continued to impact overall market momentum. Despite the challenging market conditions, systematic investment plan (SIP) inflows reached a record ₹26,000 crore in December, indicating sustained retail investor confidence.