Indian equity indices experienced a dip on Friday, mirroring subdued global cues.At 9:45 a.m., the Sensex was down by 166 points or 0.23%, standing at 73,497 points, while the Nifty recorded a decline of 45 points or 0.21%, reaching 22,353 points.Despite this, midcap and smallcap indices performed well, outpacing the benchmarks. The Nifty midcap index rose by 204 points or 0.40%, reaching 51,357 points, while the Nifty smallcap index surged by 151 points or 0.87%, hitting 16,747 points. The India Vix saw a decline of 0.85%, standing at 20.17 points.In terms of sector performance, Auto, PSU Bank, Metal, Realty, Media, Energy, Infra, and Oil & Gas sectors witnessed significant gains, while IT, FMCG, Pharma, Financial services, and Private banks were the major losers.Among the Sensex components, 22 out of 30 shares opened lower, while 8 shares traded higher. M&M emerged as the top gainer, registering a jump of over 6%. Other notable gainers included Tata Motors, Tata Steel, Power Grid, and SBI. On the other hand, Axis Bank, Maruti Suzuki, Reliance, Sun Pharma, and HUL were among the major losers.Market experts noted that the net institutional buying had turned positive, coupled with a sharp recovery of nearly 350 points from the Nifty’s lows and significant short positions in the market, indicating potential for a market recovery. Additionally, positive developments on the political front are expected to further boost market sentiment. They also predicted that FII-heavy stocks, which were heavily sold off, could witness further recovery in the coming days.