The negative bias may persist if the index sustains below the intraday support level of 24,950.

Positive cues from the US and Asian markets boost Indian stock market sentiment

RBI's announcement initially boosted stock markets but the gains were pared back later in the day

However, from a technical perspective, momentum indicators remain negative as the index continues to trade below its short-term moving averages

The Nifty 50 ended 219 points, or 0.87 percent, down at 24,795.75. The volatility index India VIX jumped over 6 percent.

Exit poll results, persistent foreign outflows, and monetary policy concerns continue to pose significant risks.

Markets@10: Shares of Kalyan Jewellers dropped by nearly 5% after reporting a 34% revenue increase in the second quarter.

The Sensex ended 808.65 points or 0.98 percent lower at 81,688.45 while the broader Nifty fell 200.25 points or 0.8 percent to 25,049.85.

Bulls are hopeful that domestic funds and financial institutions will step in to counter the market crash caused by war fears, derivative trade restrictions, and foreign sell-offs.

From a technical perspective, momentum indicators continue to signal a bearish trend.