It was widely anticipated that the RBI will deliver a rate cut and, hence, the market has not reacted much to the rate cut, said an analyst.

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 dropped 87 points to 77,970.84, while Nifty slipped to 23,570.75 as investors remain cautious ahead of the RBI MPC meeting.