The stock market on Friday remained indifferent to the Reserve Bank of India’s (RBI) rate cut as Sensex and Nifty closed lower for the third consecutive session.

At close, Sensex declined by 0.25%, shedding 197.97 points to settle at 77,860, while the Nifty slipped 0.18%, down 43.4 points to 23,559.95.

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During the trading session, Nifty reached a high of 23694.5 and a low of 23443.2 while Sensex traded within a range of 78356.98 to 77475.74.

Midcap index outperformed the Nifty 50, with the Nifty Midcap 50 closing up by 0.32%. Small-cap stocks underperformed as the Nifty Small Cap 100 ended at 17056.75, down by 49.9 points or 0.29%.

On the Nifty, the top gainers included Tata Steel (4.35%), Bharti Airtel (3.52%), JSW Steel (3.41%), Trent (3.36%), and Hindalco Industries (2.01%).

The top losers were Oil & Natural Gas Corporation (2.83%), ITC (2.32%), State Bank of India (2.00%), Britannia Industries (1.73%), and Adani Ports & Special Economic Zone (1.54%).

Bank Nifty concluded at 50382.1, having reached an intraday high of 50641.75 and a low of 49871.15.

On the sectoral front, Nifty FMCG and PSU Bank indices slipped around 1.5% each while the Oil & Gas index was down nearly 1%. However, the Nifty Metal index surged over 2% in trades.

Nifty Realty Index climbed 1.62% as the rate cut is expected to enhance affordability for real estate developers.

On Sensex, ITC, Zomato, Mahindra & Mahindra, UltraTech Cement, IndusInd Bank, Tech Mahindra and NTPC were the other prominent gainers.

Bharti Airtel rallied 3.5% while ITC and SBI slipped over 2% each a day. Adani Ports, TCS, ICICI Bank, Reliance Industries and Power Grid were the other laggards.

Among the individual performers, Gulf Oil saw a 7 per cent jump after reporting a 22 per cent year-on-year surge in its net profit for Q3FY25.

The shares of Bharti Airtel also soared 5 per cent as the company reported a staggering 505 per cent increase in net profit.

Ready to eat snacks giant Bikaji Foods fell 13% after the company posted weak Q3 results.

Food delivery app Swiggy’s stock continued to slide, falling 2.5 per cent as investors reacted to higher-than-expected EBITDA losses for Q3FY25.

Earlier in the day, the Reserve Bank of India cut the repo rate by 25 bps to boost growth.

Headwinds like excessive volatility in financial markets, global trade policies continue to impart uncertainty to the outlook and pose downward risks.