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 also indicate a positive start for the Indian benchmark index. The Gift Nifty was trading around 23,810 level, a premium of nearly 35 points from the Nifty futures’ previous close.

Expectations of an interest rate cut announcement, along with quarterly earnings and global market moves are expected to drive the markets today