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).

Current weakness for the Nifty 50 Index could end around 23500-23450 levels in the short term and one may expect upside bounce from the lows soon, said experts

Indian benchmark indices Nifty 50 and Sensex ended the previous trade session in the red. Nifty 50 closed at 23,603.35, while Sensex ended at 78,058.16. Overnight, Wall Street indices were in the green.

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 stock market opened flat as trading began on Wednesday. It had rallied right around its previous close. At 9:20 am, the benchmark BSE Sensex was down by 12.50 points or 0.02%, reaching 78,571.31.

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 Indian stock market closed in negative territory on Tuesday, with the Sensex declining by 213.12 points to settle at 78,058.16, while the Nifty slipped 92.95 points to end at 23,603.35. Market sentiment remained cautious as investors awaited the Reserve Bank of India's (RBI) policy decision,

The Indian benchmark indices Sensex and Nifty closed lower on Thursday as investors remained cautious ahead of key corporate earnings reports and the Reserve Bank of India's important rate decision on Friday.