Indian equity benchmarks slipped as investors booked profits following a multi-day rally. The Sensex closed 344 points lower at 85,188 while Nifty ended near 25,780. Weakness in auto and FMCG counters outweighed modest gains in metals. Traders cited sector rotation and mixed global cues as drivers for consolidation. Market breadth softened but remained resilient in select midcaps. Analysts expect volatility to persist into monthly derivatives expiry, emphasizing the importance of earnings momentum and liquidity conditions for sustaining valuations near record levels.