Indian Equity Benchmarks Flat as Auto Gains Offset US Visa Fee Concerns

India's equity benchmarks opened nearly flat, as gains in the auto sector driven by strong festive-season demand and GST cuts offset broad-based losses due to concerns over the U.S. increase in H-1B visa fees. The Nifty 50 and BSE Sensex showed minimal changes early in trading, while most sectors, including IT which is heavily dependent on U.S. revenue, experienced declines. The rise in auto stocks was supported by increased dealership footfalls during the Navratri festival and the implementation of GST cuts, which analysts expect to boost passenger vehicle sales in fiscal 2026. Investor sentiment was mixed with foreign portfolio investors turning net sellers while domestic investors continued buying for the 19th consecutive session. Optimism over U.S.-India trade talks, highlighted by U.S. Secretary of State Marco Rubio's meeting with India's External Affairs Minister, helped balance worries related to visa policies and tariffs. Market watchers anticipate consolidation in Indian equities as trade negotiations continue and recent regulatory changes take effect.