2 Minutes Read (Reuters) – BENGALURU (Reuters) – Heavyweight information technology stocks dragged on Indian equities on Thursday, with investors focusing on automakers as they announce June sales figures. On December 11, 2018, a broker reacts while trading at his computer station at a stock brokerage firm in Mumbai, India. FILE PHOTO: REUTERS/Francis Mascarenhas The blue-chip NSE Nifty 50 index was down 0.04 percent to 15,715.65 at 0453 GMT, while the benchmark S&P BSE Sensex was down 0.09 percent to 52,436.88. Both indices increased by around 1% in June, thanks to a drop in COVID-19 cases, the lifting of pandemic-related restrictions, and a rise in immunizations. “I don’t see any pessimistic sentiments yet, so it’s still a buy-on-dips market. All of the positives (high vaccination rates, reducing COVID-19 cases, and excellent March-quarter earnings) have already been taken into account. As a result, there is no catalyst for a rapid rally “said Gaurav Garg, Mumbai-based CapitalVia Global Research’s head of research. After climbing on Wednesday, the Nifty IT index dipped 0.56 percent. With a rise of 0.71 percent, the Nifty Auto index was among the top gainers among sub-indices. Bajaj Auto increased by 2% in June after reporting better sales than a year ago. Mahindra and Mahindra rose 1% ahead of its sales figures. The top two percentage gainers on the Nifty 50 were both these equities. Zydus Cadila, a pharmaceutical company, has submitted to India’s medicines authority for emergency use permission of its COVID-19 vaccine, which in an early analysis revealed a 66.6 percent efficacy against positive instances. Cadila’s shares was trading at a loss of up to 1.6 percent. Vodafone Idea’s stock dropped as high as 14.6 percent as the company’s March-quarter deficit expanded and revenue plummeted from the previous quarter. Concerns over additional coronavirus outbreaks and new lockdowns weighed heavily on Asia’s broader markets. [MKTS/GLOB] Rama Venkat in Bengaluru contributed reporting, and Uttaresh.V edited the piece./nRead More