The Indian benchmark indices, Sensex and Nifty closed lower on Friday, after fluctuating between gains and losses throughout the session, following the Reserve Bank of India’s (RBI) much-anticipated 25-basis-point rate cut—the first in almost five years.

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 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.