Indian shares slid over 1% on Thursday, erasing all their gains from the previous day when Donald Trump was elected U.S. president, with analysts blaming profit-booking and concerns over foreign inflows, while weak earnings also weighed.

The NSE Nifty 50 fell 1.16% to 24,199.35, while the BSE Sensex shed 1.04% to 79,541.79, near their closing levels on Tuesday. The indexes jumped 1.1% on Wednesday in their best day in over six weeks after Trump’s victory.

The drop is “more of a technical pullback, with some investors trying to use the rally in the previous session to book profits,” said Sunny Agrawal, an analyst at SBICaps Securities.

Financials lead rebound in Indian shares ahead of US election

“The other, more deeper concern is over foreign flows. A rise in the U.S. Treasury yields in anticipation of a tariff hike on imports by Trump and the consequent rise in U.S. dollar index and inflation could hurt foreign inflows to India.”

Foreign investors pulled out a record $11.2 billion from Indian equities last month and have removed $1.26 billion, on a net basis, this month through Wednesday.

The outflows and disappointing earnings have dragged on markets for weeks, with Hindalco and Trent continuing the trend.

Aluminium maker Hindalco slid 8.5% after its U.S. unit, Novelis, reported a lower profit. It dragged metals stocks down 2.73% and was the biggest loser on the Nifty.

The second-biggest was clothing retailer Trent, which slid 6.5% after posting its slowest revenue growth in 14 quarters.

On the other hand, Apollo Hospitals jumped 6.3%, the most on the Nifty, after it beat second-quarter profit estimates on strong healthcare services demand.

BSE, Voltas, Oberoi Realty and Kalyan Jewellers rose 0.4%-4% following their planned inclusion in a key MSCI index.

On the radar is the Federal Reserve’s rate decision after the bell. The Fed is expected to cut rates by 25 basis points but its policy guidance is more keenly awaited.