Indian equities see-sawed and closed slightly lower as tariff and H-1B uncertainties capped risk: Sensex 82,102 (-57), Nifty 25,169 (-32); mid- and small-caps lagged. Globally, US indices hit records on AI exuberance even as bubble warnings surfaced. Gold touched ~$3,790/oz; the rupee slid to a record ₹88.75/$. Jefferies sees wealth creation shifting from IT to ‘hard assets’ over the decade.