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1h ago

Indian IT Slumps on U.S. H‑1B Fee Shock as Nifty Tests Key Resistance

The U.S. visa move jolts technology shares, leaving the market’s advance dependent on domestic boosters such as fresh GST cuts and sectoral rotation.

IT stocks drag indices over H-1B visa concerns.
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Overview

  • President Donald Trump signed an executive order imposing a $100,000 fee and stricter terms on new H‑1B applications, triggering a swift repricing of Indian software exporters.
  • IT stocks led early declines, with Tech Mahindra down nearly 5% and Infosys, TCS, HCLTech and Wipro falling over 2.5%, while the Nifty IT index slid about 3%.
  • Nifty paused near 25,300 after a ~1,000‑point, multi‑session rebound, with analysts flagging resistance at 25,500–25,600 and supports at 25,100–24,900.
  • Traders weighed domestic offsets as GST 2.0 rate cuts took effect and pharma and realty indices showed breakout signals pointing to potential sectoral strength.
  • Positioning and flows stay pivotal, with recent FII index‑futures short covering noted but mixed week‑to‑week shifts, and DIIs continuing to provide buying support.