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<h1>Sensex slips after two-day rally as profit-taking hits IT and pharma; institutional flows and earnings positioning influence markets.</h1> The benchmark index paused its two-day rally, slipping 42.64 points to 85,524.84 as profit-taking hit IT and pharma shares while financials and FMCG provided limited support; foreign institutions were net sellers and domestic institutions net buyers, with participants repositioning ahead of earnings season and shifting monetary policy expectations.