Market Sentiment Brief: Domestic Outlook **Subdued Trading Activity** Market participants are maintaining a defensive posture as the absence of immediate bullish triggers limits fresh buying interest. Volumes remain constrained by a prevailing sense of caution across major trading desks. **Policy and Fiscal Benchmarks** Sentiment is currently anchored by two upcoming high-impact events: the **Union Budget** and the **RBI Monetary Policy Committee** decision. These milestones are viewed as the primary determinants for medium-term market direction. **Institutional Stance** Private sector banking desks report a shift toward risk-aversion. Traders are prioritizing capital preservation over speculative positioning until there is greater clarity regarding fiscal targets and interest rate trajectories.