Despite a 25-basis-point repo rate cut by the Reserve Bank of India, the market closed largely in the red. However, midcap stocks continued to outperform, with the midcap index closing in positive territory.

The Nifty 50 has dropped 4.4 per cent since the last policy meeting in December, impacted by weak corporate earnings and a slowing economy.

The trends on Gift Nifty indicate a mildly positive start for the Indian benchmark index. The Gift Nifty was trading around 23,715 level, a premium of nearly 25 points from the Nifty futures’ previous close.

Market experts believe that while the budget had some positive aspects, certain key areas did not meet expectations.

All eyes are now on RBI Governor Sanjay Malhotra’s first monetary policy review, which could shape the market's next significant move

The stock market went into the red upon opening as trading began on Friday, February 7, the day the new Reserve Bank of India (RBI) governor Sanjay Malhotra is set to announce the interest rate decision of the Monetary Policy Committee (MPC).

The 30-share BSE Sensex fell 213.12 points or 0.27 per cent to end the session at 78,058.16. The NSE Nifty 50 index fell 68.35 points or 0.39 per cent finishing the day at 23,627.95.

Indian benchmark indices, Sensex and Nifty, opened slightly higher on Thursday as optimism for an upcoming rate cut outweighed concerns over escalating global trade tensions. IT and oil & gas stocks supported the Nifty 50,