The BSE Sensex declined by 197.97 points, closing at 77,860.19, while the NSE Nifty lost 43.40 points, ending the session at 23,559.95. Out of the Nifty 50 stocks, 28 advanced while 23 declined.

The Reserve Bank of India (RBI) on Friday reduced the repo rate by 25 basis points from 6.5% to 6.25% in another step to boost the economy, media reports said.