Indian markets remained flat as FMCG gains offset IT losses, with US tariff fears keeping investors cautious and watchful.

• FMCG stocks rose, led by HUL and Varun Beverages, after Jefferies highlighted upside potential despite sector headwinds.
• IT stocks declined ahead of TCS earnings; sector sentiment was weighed by tariff concerns and global tech outlook.
• Pharma index recovered after initial dip, helped by the proposed one-year window to shift production from India to the US.