India, Feb. 7 -- The stock market closed in the red after Reserve Bank of India (RBI) governor Sanjay Malhotra announced the Monetary Policy Committee (MPC) decision to cut the benchmark repo rate by 25 basis points (bps).

The benchmark BSE Sensex closed 197.97 points or 0.25% in the red, reaching 77,860.19. The broader NSE Nifty was down by 43.40 points or 0.18% in the red, closing at 23,559.95.

Right after the announcement at 10:35 am IST, the Sensex was down 192.14 points or 0.25%, reaching 77,866.02, while the Nifty was down 73.05 points or 0.31%, reaching 23,530.30.

Among the 30 Sensex stocks, ITC Ltd fell the most by 2.38%, closing at Rs.430.90. This was followed by SBI, which fell 2.03%, closing at Rs.737.05, and Adani Ports & S...