The trends on Gift Nifty also indicate a tepid start for the Indian benchmark index. The Gift Nifty was trading around 24,841 level, a discount of nearly 20 points from the Nifty futures’ previous close.

The Reserve Bank of India (RBI) cut the key lending rate by 50 basis points, exceeding the widely expected 25 basis point reduction. It also unexpectedly reduced the cash reserve ratio (CRR) requirement for banks by 100 bps and shifted its policy stance to neutral from accommodative.

The Nifty 50 remained below short-term moving averages (10- and 20-day EMAs) and below the midline of the Bollinger Bands (24,700). Hence, the index needs to reclaim and sustain above 24,700 for a move toward the 24,