India, Sept. 24 -- Donald Trump's sticker shock on new H-1B visas and tariff tantrums have nothing on stocks that are focused on India's consumption story-thanks in no small measure to GST rate cuts.

While the Nifty IT index is down about 19%, Nifty Bank, Nifty Auto and Nifty India Consumption are up 8% to 19%, according to Bloomberg data.

"The government's policy pivot to boost consumption via GST rate cuts and rationalisation offers near-term demand impulse and augurs well for domestic demand-driven sectors," Bloomberg Intelligence's Nitin Chanduka said.

At the same time, an Allspring Global Investments is adding exposure to domestically driven sectors such as consumer and financials, which are supported by favourable macro data and ...