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51m ago

H‑1B Fee Shock Knocks Indian Stocks as IT Slumps and Nifty Ends Near 25,200

A White House clarification limiting the $100,000 charge to new H‑1B applications tempered the IT-led selloff.

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

  • India’s benchmarks closed lower on September 22, with the Sensex down 466 points to 82,160 and the Nifty 50 slipping 125 points to 25,202.
  • IT shares led declines as the Nifty IT index fell roughly 2–3%, with Tech Mahindra, TCS, Infosys, Wipro and HCLTech among the biggest losers.
  • Officials said the $100,000 H‑1B fee applies only to new applications and not renewals or returning holders, easing some immediate deployment concerns for existing staff.
  • Sector moves were divergent as GST rate changes took effect, with gains in select names such as Adani Enterprises and strength in power and metals offset by weakness in pharma and IT; midcaps fell while smallcaps rose.
  • Global risk tone was cautious, with U.S. stock futures edging lower as investors awaited more details on the visa policy and upcoming economic data following last week’s Fed rate cut.