Indian equity markets significantly pared their early gains to close nearly flat on Thursday, November 12, as benchmark indices witnessed profit booking and fluctuations between positive and negative territory. Despite the subdued performance of the Sensex and Nifty, broader markets maintained their upward momentum, with midcap and smallcap stocks outperforming the benchmark indices.

The Nifty Midcap 100 advanced 0.85 percent to settle at 62,039, while the Nifty Smallcap 100 gained 1.12 percent to close at 19,706.75. Both indices remained in positive territory throughout the trading session, supported by buying interest across select financial services, real estate, consumer and other sectoral stocks.

The Nifty Midcap 100 extended its winning streak to four consecutive sessions, gaining nearly 500 points during the day. The index climbed as much as 1.10 percent to touch an intraday high of 62,197.80, compared with its previous close of 61,519.10. At the closing bell, it retained most of its gains, supported by strong buying in select financial services, jewellery and real estate companies.

PB Fintech, One 97 Communications (Paytm) and Kalyan Jewellers emerged as the biggest gainers on the Nifty Midcap 100, with their shares advancing more than 7 percent each. Aditya Birla Capital, The Phoenix Mills, Max Financial Services, Motilal Oswal Financial Services, Godrej Properties, Radico Khaitan, Lodha Developers, Prestige Estates, Oberoi Realty and L&T Finance were among the other notable gainers.

On the losing side, Page Industries emerged as the biggest laggard on the Nifty Midcap 100, plunging 12.91 percent after reporting modest profit growth and a contraction in operating margins for the September quarter of FY27. The stock declined around 12.5 percent to Rs 32,000 during afternoon trade, extending its losses beyond the initial 10 percent lower circuit.

Page Industries reported an 11.5 percent year-on-year increase in revenue from operations to Rs 1,439.6 crore in Q2 FY27, compared with Rs 1,291 crore in the corresponding quarter last year. Consolidated net profit increased 3.8 percent to Rs 202.5 crore from Rs 195 crore.

Although the company recorded double-digit revenue growth, profitability remained under pressure due to elevated raw material costs, particularly cotton and crude oil-linked inputs. The relatively modest improvement in net profit compared with revenue growth raised concerns about operating margins and cost pressures.

Bharat Dynamics, Indus Towers, Marico, Hindustan Petroleum Corporation, NLC India, Rail Vikas Nigam, Fortis Healthcare and NHPC were among the other notable midcap laggards.

Meanwhile, the Nifty Smallcap 100 also extended its upward momentum for the fourth consecutive trading session. The index gained 1.12 percent to settle at 19,706.75, compared with its previous close of 19,489.35. During the session, it advanced as much as 1.5 percent to touch an intraday high of 19,787.25.

Cupid and Avanti Feeds emerged as the biggest gainers on the Nifty Smallcap 100, rising 8.90 percent and 7.94 percent, respectively. Pine Labs, Anant Raj, Data Patterns (India) and Tenneco Clean Air India were among the other notable performers, with their shares gaining more than 4 percent.

On the other hand, Firstsource Solutions, Chennai Petroleum Corporation, Welspun Corp, Himadri Speciality Chemical and Devyani International were among the major laggards in the smallcap segment.

The divergent performance between benchmark and broader market indices highlighted continued investor interest in select midcap and smallcap stocks despite volatility in frontline equities. The four-session winning streak in both broader indices indicates improving participation beyond largecap stocks, although individual stock performance remained highly selective.