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 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.

Sensex and Nifty fell despite RBI reducing interest rates to 6.25% after five years. Rate-sensitive stocks declined, while Bharti Airtel emerged as a top gainer. Financials experienced losses while the auto sector gained slightly.