Indian IT is a trade, not an investment, and the market just got the memo: Sandip Sabharwal

Analyst Sandip Sabharwal struck a cautious note across multiple sectors, calling Indian IT firms trading plays rather than long-term investments after Accenture's growth guidance cut signalled softer demand and AI disruption risks. He flagged midcap IT as the bigger danger versus already-depressed large caps, and dismissed EMS valuations as unjustifiable, estimating the sector deserves around 25-30% of current multiples. On Bata India, he welcomed the leadership change but tempered expectations given years of weak execution, while flagging autos as the current opportunity and Nykaa as worth watching on dips.