Chasing 255 for a win at Gymkhana Ground, Mumbai cantered home in 45.1 overs with Nayar unbeaten on 44.
But Bista's 92 it was that laid the foundation for a relatively smooth chase that was hit in between by pace spearhead Siddarth Kaul's three wickets.
Earlier Punjab skipper Yuvraj Singh hit a run-a-ball 93 to help his side manage 254 all out in 48.1 overs.
Mumbai medium-pacers Dhawal Kulkarni and Sagar Trivedi kept hurting the Punjab batting as they picked up three wickets each. Left-arm spinner Iqbal Abdullah and part-time off-spinner Bista also shared two wickets apiece.
Punjab 254 all out on 48.1 overs (Yuvraj Singh 93, Mandeep Singh 41; Dhawal Kulkarni 3-41, Sagar Trivedi 3-21)
Mumbai 255/5 in 45.1 overs (Jay Bista 92, Abhishek Nayar 44 not out; Siddarth Kaul 3-58).
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