Indian stock markets closed lower after a volatile session on monthly expiry day. The Sensex slipped 0.37% and Nifty fell 0.29%, influenced by a weakening INR and FII outflows. Investors awaited clarity on FOMC rate cuts and trade deals. PSU banks and real estate stocks outperformed, while Reliance Industries hit a 52-week high. Key losers included Tata Motors, Infosys, and HDFC Bank.