FX.co ★ Indian Equities Slip from 13-Month High

The BSE Sensex declined by 377 points, or 0.4%, reaching 84,617 during Thursday morning's trading session. This pullback follows the 13-month high recorded just the previous day, as traders digested the Federal Reserve's recent decision to lower interest rates by 25 basis points, while also indicating a pause on further rate cuts for the remainder of the year. Market caution was further heightened with anticipation surrounding the forthcoming meeting between US President Trump and Chinese President Xi Jinping. Concurrently, investor attention was drawn to the forthcoming second-quarter earnings reports from companies like Adani Power, TPC, and Hyundai Motor, set to be released later that day. Despite these factors, the losses were somewhat mitigated after President Trump stated with confidence on Wednesday that a US-India trade deal would soon be finalized. Most sectors experienced declines, particularly pharmaceuticals and healthcare, each dropping 1.3%. This was largely due to a 4.7% slide in Dr. Reddy’s Laboratories, following its receipt of a non-compliance notice from Canada's Pharmaceutical Drugs Directorate concerning its Semaglutide injection. Furthermore, the technology sector fell by 0.7%. Other significant early decliners included Sun Pharmaceuticals, which saw a 2.0% drop, and Power Grid, down by 1.2%.