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30m ago

Indian Stocks Hold Near 25,300 as IT Slumps on H‑1B Shock, GST 2.0 Begins

GST rate cuts offered a counterweight to pressure on export‑facing tech shares.

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

  • Benchmarks opened lower then steadied, with Nifty hovering around 25,200–25,300 and Sensex off more than 300 points in early trade before stabilising.
  • Nifty IT fell about 3% as Tech Mahindra slid nearly 5–6% and Infosys, TCS, HCLTech and Wipro dropped 2–3%.
  • The US administration’s move imposes a one‑time $100,000 fee on new H‑1B petitions from September 21, with officials clarifying renewals and existing visas are unaffected.
  • GST 2.0 took effect with two main slabs at 5% and 18%, supporting consumption‑oriented pockets and select financials into the festival season.
  • Technicians flagged a still‑constructive setup with resistance at 25,500–25,600 and support near 25,100, while provisional data showed FIIs and DIIs were net buyers on September 19.