On Thursday, the Indian equity markets experienced a decline, with the BSE SENSEX closing at 74,243.34 points, down 116.67 points or 0.16%, and the NSE NIFTY 50 settling at 23,366.70 points, losing 49.85 points or 0.21%. This downturn occurred despite a government ordinance aimed at providing tax relief to foreign institutional investors (FIIs), which initially boosted market sentiment. However, caution prevailed as the Reserve Bank of India (RBI) maintained its repo rate and revised its GDP growth forecast downward to 6.6% from 6.9%. Ponmudi R, CEO of Enrich Money, highlighted that the RBI's cautious stance and the lack of strong catalysts for risk assets contributed to subdued investor confidence. Additionally, global geopolitical tensions, particularly the instability in the Israel-Lebanon region, further affected market sentiment. The rupee, however, strengthened against the U.S. dollar, trading below the Rs 95 mark due to the RBI's measures to attract foreign capital. The broader market also faced pressure, with mixed performance across various stock indices.