Mumbai, Feb. 7 -- The key equity benchmarks closed with minor losses on Friday, marking the third consecutive day of decline. This occurred despite the Reserve Bank of India (RBI) announcing its first interest rate cut in nearly five years, a move widely anticipated to stimulate economic growth. Analysts suggest that the market's subdued response to the RBI's decision may stem from a lack of clear policy direction from the central bank.

The Nifty index concluded the day below the 23,600 mark. While metal and consumer durable shares saw increased demand, shares in PSU banks and FMCG companies fell.

The S&P BSE Sensex declined 197.97 points or 0.25% to 77,860.19. The Nifty 50 index lost 43.40 points or 0.18% to 23,559.95.

ITC (down 2.38%...