<h1>Equity benchmarks slip after four-day rally as Fed cues, GST rationalisation hopes, and looming 25% secondary tariff deadline weigh</h1> Equity benchmarks slipped in early trade after a four-day rally, following weak Asian peers and mostly lower US session results. Market movement reflected investor focus on upcoming remarks by the US Federal Reserve chair and recent Fed minutes, alongside domestic policy signals about imminent GST rationalisation expected before Diwali that could boost autos, FMCG, insurance and select financials. Commentary warned that an approaching deadline for a potential 25% secondary tariff on India may limit sustained gains. Foreign institutional investors were net sellers, and Brent crude inched higher, adding to mixed market drivers.