(Reuters) -India’s equity benchmarks opened little changed on Tuesday, as a rise in auto stocks on strong festive-season demand offset broad-based losses amid concerns over steep H-1B visa fee hike by the U.S.
The Nifty 50 gained 0.02% to 25,206.8 and the BSE Sensex added 0.05% to 82,203.38, as of 9:26 a.m. IST.
Eleven of the 16 major sectors logged losses. The broader small-caps and mid-caps traded flat.
Auto index jumped 1.8%, topping the sectoral gains. Automotive dealerships across the country witnessed a surge in footfalls on the first day of the local festival Navratri, as customers rushed to buy vehicles at lower prices, said the president of a auto dealers’ body.
The government’s goods and services tax (GST) cuts came into effect on Monday.
Both the Nifty 50 and the BSE Sensex fell on Monday, dragged by major information technology stocks that together lost about $10 billion in market value after Washington announced a $100,000 fee on new H-1B applications
(Reporting by Bharath Rajeswaran in Bengaluru; Editing by Janane Venkatraman)
