The trends on Gift Nifty also indicate a negative start for the Indian benchmark index. The Gift Nifty was trading around 24,594 level, a discount of nearly 40 points from the Nifty futures’ previous close.

Overview Nifty plunged 160 points to close at 24,413, while Sensex dropped 502 points, marking one of the sharpest declines in July.FIIs pulled Rs. 4,999 crore

Even as the market has priced in a status quo, experts say that if the RBI delivers a surprise rate cut tomorrow, the market will react positively.