Benchmark Nifty 50 index, after a rebound on Tuesday, faces a resistance in the 25,150-25,300 zone . The Iran-Israel war led to a rise in crude oil prices, though, which means no rate cut is expected during the RBI policy outcome,

The BSE Sensex stood at 82,710.92, down 1,555.37 points or 1.85 per cent. The NSE Nifty was down 484.95 points, or 1.88 per cent, at 25,311.95.

Geopolitical tensions between Israel and Iran and a rise in foreign outflows have played a major role in the drop in Indian equities this week

Gift Nifty was trading around 25,260 level, a premium of nearly 70 points from the Nifty futures’ previous close, indicating a positive start for the Indian stock market indices.

Nifty is trading at 21.5 times its one-year forward earnings, which is above its historical average of 20.4 times. India is being perceived as relatively expensive market compared with other emerging market peers.