Mumbai, Feb. 7 -- The domestic equity benchmarks traded near intraday low in mid-afternoon trade, following the Monetary Policy Committee's unanimous decision to reduce the repo rate by 25 basis points to 6.25%. This marked the first rate change in two years, driven by easing inflation and slowing economic growth. The committee highlighted its neutral stance, focusing on aligning inflation with targets while supporting economic growth. The Nifty dropped below the 23,500 level.

Consumer durables shares witnessed buying demand after declining for two consecutive trading sessions.

At 14:25 IST, the barometer index, the S&P BSE Sensex, shed 556.63 points or 0.71% to 77,501.53. The Nifty 50 index lost 144.80 points or 0.61% to 23,458.55.

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