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1h ago

H‑1B Fee Hike Hits Indian IT, Nifty Ends at 25,200 as Sensex Falls 460 Points

Clarity that the U.S. fee targets only new H‑1B filings met the GST 2.0 launch, nudging investors toward domestic consumption themes.

While the Fed balances a weakening labor market and stubborn inflation, investors are cheering the prospect of a rate-cutting cycle.
The exterior of the Marriner S. Eccles Federal Reserve Board Building is seen in Washington, D.C., U.S., June 14, 2022. REUTERS/Sarah Silbiger/File Photo
A TV on the floor of the New York Stock Exchange shows Federal Reserve Chair Jerome Powell on Wednesday.

Overview

  • Benchmark indices slipped as tech shares sold off, with the Nifty closing at 25,202 (-0.49%) and the Sensex down 466 points to 82,160.
  • The Nifty IT index dropped roughly 2–3%, led by declines in Tech Mahindra, TCS, Infosys, Wipro and HCL Tech, while power and select financials advanced.
  • The White House said the $100,000 levy is a one‑time charge for new H‑1B applications and does not apply to renewals, easing some early market anxiety.
  • India’s GST 2.0 took effect with two main slabs of 5% and 18%, and analysts said rate cuts could support autos, FMCG and banks even as IT faces policy headwinds.
  • U.S. stock futures edged lower as investors awaited further detail on the visa policy and Fed remarks, reinforcing a cautious global backdrop.