Stock Markets Open Lower as IT Stocks Slip Over US H-1B Visa Fee Hike Concerns

MUMBAI, Sept 22: Indian equity markets opened lower on Monday, with Sensex and Nifty falling amid concerns over the US government’s decision to raise H-1B visa fees. The move has rattled IT stocks, particularly firms heavily reliant on US workforce placements.

The 30-share BSE Sensex dropped 475.16 points to 82,151.07, while the 50-share NSE Nifty declined 88.95 points to 25,238.10 in early trade. Among Sensex constituents, Tech Mahindra, Infosys, HCL Tech, and TCS were down between 2.26% and 3.88%. Other laggards included Sun Pharma, Bharat Electronics, Axis Bank, and Tata Steel.

In contrast, Adani Ports, Eternal, Trent, and Bajaj Finance recorded gains, providing partial support to the indices.

The fee hike, signed by US President Donald Trump on Friday, increases charges for companies hiring foreign workers, including from India, to USD 1,00,000 per H-1B visa. Officials clarified that the new fee applies only to new applicants.

“Markets are likely to show dualistic behavior today, with IT stocks under pressure due to H-1B concerns, while domestic consumption themes could benefit from reduced GST rates effective today,” said VK Vijayakumar, Chief Investment Strategist, Geojit Investments Ltd.

Globally, South Korea’s Kospi, Japan’s Nikkei 225, and Shanghai SSE traded higher, while Hong Kong’s Hang Seng fell. Brent crude rose 0.66% to USD 67.12 a barrel, and FIIs bought equities worth Rs 390.74 crore on Friday.

On Friday, the Sensex had declined 387.73 points (0.47%) to settle at 82,626.23, and the Nifty dropped 96.55 points (0.38%) to 25,327.05.