India's equity benchmarks flat as IT losses offset gains in carmakers

Tata Motors Passenger Vehicles

Today 08:29

** India's Nifty 50 .NSEI, Sensex .BSESN trade flat
** Losses in IT stocks offset gains in auto index, led by heavyweights Maruti Suzuki India MRTI.NS and Tata Motors Passenger Vehicles TAMO.NS
** IT cos .NIFTYIT, which get a bulk of their revenue from the U.S., fall 2.1% 
** The sharp correction in Indian IT highlights deep-seated macro anxieties as global enterprises freeze discretionary spending amid expectations of higher for longer rates and the AI disruption paradox, says Nishchal Jain, quant research at Share.Market by PhonePe
** Broader small-caps .NIFSMCP100 and mid-caps .NIFMDCP100 up 1% and 0.4%, respectively
** Maruti Suzuki India jumps 4.5%; stock top Nifty gainer  after Jefferies upgrades to "buy" on strong PV demand
** Tata Motors PV TAMO.NS rises 3% as co seen benefitting from New Delhi's EV policy 
** However, Eicher Motors EICH.NS slips 4.1%, top Nifty 50 loser, with brokerages seeing it as biggest casualty of New Delhi's EV push    


 (Reporting by Vivek Kumar M and Bharath Rajeswaran in Bengaluru)
 ((bharath.rajeswaran@thomsonreuters.com; +91 9769003463;))