Indian markets dipped as Reliance and metal losses offset FMCG gains, amid U.S. tariff worries and IPO delay.

• Reliance fell 1.2% after reports of Jio IPO delay; metals sank on Vedanta short call and weak Tata Steel data.
• Trump’s tariff threats on BRICS, copper, semiconductors, and pharma hit Hindustan Copper; broader impact remains limited for now.
• FMCG stocks led by HUL and Varun Beverages gained after Jefferies' contrarian picks boosted investor confidence in the consumer sector.