Why Indian Markets Just Hit the Brakes—And What's Behind It

India’s stock market kicked off Friday on shaky ground, with investors pumping the brakes as global uncertainty creeps back in. The culprits? Overheated AI valuations and the nagging question of whether the Fed will actually cut rates in December.

The scoreboard:

• BSE Sensex dropped 240 points (-0.3%) to 85,390
• NSE Nifty slipped 74 points (-0.3%) to 25,618

Who got hit hardest: Big names like Tata Steel, Tech Mahindra, and ICICI Bank all fell around 1%. Adani Ports dipped despite a credit ratings reaffirmation—which tells you sentiment matters more than fundamentals right now. Zaggle Prepaid Ocean Services slid 1.3% after inking a deal with BIBA Fashion.

The plot twist: Reliance Industries barely budged after announcing it’s axed Russian crude imports at its Jamnagar refinery—a move that signals shifting energy trade dynamics in the region.

What this means: The market’s not panicking, but it’s definitely cautious. Stretched valuations + AI profitability questions + Fed uncertainty = investors playing it safe. This is classic “show me the earnings” mode.