Indian equity benchmarks slipped as investor sentiment turned cautious following signals that the U.S. Fed may pause further rate cuts and amid uncertainty around the Donald Trump–Xi Jinping trade talks. As of the morning session, the Nifty 50 was down ~0.45% and the Sensex off ~0.44%. All major sectors including pharmaceutical, banking and industrials were in the red. Analysts pointed to capital‐flow outflows and rate‐cut uncertainty as triggers, despite previously bullish domestic earnings and valuations near record highs.