The Indian stock market, including the Sensex and Nifty 50, closed with significant losses on February 7, despite a 25 bps rate cut by the Reserve Bank of India, marking the third consecutive session of losses.

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.

On NSE, nine sectors advanced, three declined out of 12. The NSE Nifty FMC declined the most, and the NSE Nifty Oil & Gas rose the most. The BSE Midcap and Smallcap indices were trading higher in early trade.

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.

The Reserve Bank of India's recent 25 basis points repo rate cut failed to uplift market sentiment, as the Sensex and Nifty 50 extended their losses amidst global uncertainties and domestic concerns

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).