Benchmark indices in India closed lower for a second straight session after investors booked profits and stayed cautious on weak overseas sentiment. Vedanta slipped while BEL and Navin Fluorine posted gains, highlighting sectoral dispersion and selective bottom-up accumulation under volatility. Analysts say recent foreign portfolio outflows and unclear earnings trajectory from midcaps keep short-term risk appetite thin. For active traders this phase may see rotational positioning, lower leverage, and defensive hedging ahead of US macro prints and India’s approaching Q3 guidance season.