The Nifty declined over 100 points from day’s high but managed to close positive for 3rd day in a row. The 50-stock index had an almost identical open & close. The worst 5 point contributors belonged to the banking & financial space.The Nifty Bank declined over 500 points from day’s high to decline 3 out of the last 4 days. The banking gauge has made a lower high during 6 out of the last 7 weeks.The Small & Midcap indices extended their outperformance over the Nifty to 6 days in a row. The Nifty Midcap index gained for a 3rd straight day with more than 50 out of 100 stocks gaining. The Nifty Smallcap gained over a percent in each of the last 3 days.The Nifty IT index hit a fresh all-time high and is set to post the best week since 10 January 2021. Among other sector highlights – Nifty Metal gained 9th day in a row led by JSW Steel, Nifty IT gained 5th day in a row led by Oracle, Nifty PSU Bank declined 3 out of last 4 days & ended as the worst sector performer while Nifty Pharma & Financial Services snapped their 2 day gaining streak.Foreign investors bought Indian equities worth Rs 111 crore in the cash segment on a provisional basis and bought Rs 524 crore in the futures & options market. They increased the net long in index futures to 61 percent as compared with 60 percent on the previous day. That’s above the April average of 58 percent. Domestic institutions bought Indian equities worth Rs 553 crore in the cash market.