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.

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 stock market closed in the red after RBI governor Sanjay Malhotra announced the decision to cut the benchmark repo rate by 25 basis points.

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 also indicate a positive start for the Indian benchmark index. The Gift Nifty was trading around 23,838 level, a premium of nearly 53 points from the Nifty futures’ previous close.

RBI trimmed its GDP target for Q1 of FY26 to 6.7% from earlier 6.9%, and the target was lowered to 7% for Q2 compared to 7.3%. For Q3 and Q4, RBI expects GDP growth at 6.5% each for FY26.