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43m ago

Markets Edge Higher at Open Then Turn Lower as H‑1B Fee Keeps Pressure on Indian IT

A U.S. clarification limiting the $100,000 charge to new H‑1B applications cooled the selloff.

U.S. dollar banknotes are seen in this illustration taken March 19, 2025. REUTERS/Dado Ruvic/Illustration/File Photo
A trader works on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., September 22, 2025. REUTERS/Jeenah Moon
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Overview

  • Indian benchmarks fell on September 22, with the Sensex down 466 points to 82,159.97 and the Nifty 50 lower by 124.70 points to 25,202.35, led by declines in technology shares.
  • The Nifty IT index dropped about 2.7% on Monday as TCS, Infosys, Wipro and Tech Mahindra slid roughly 2–3% after President Trump announced the $100,000 H‑1B fee.
  • The White House clarified that the fee is a one‑time charge for new applications only, exempts returning visa holders, and would begin from the next lottery cycle in March–April 2026.
  • On September 23, stocks opened higher but slipped by late morning, with the Sensex down about 0.42% and the Nifty 50 off 0.43%, while Nifty Auto rose around 1% to a record on GST 2.0 tailwinds and strong Navratri traffic.
  • Gold hit fresh records near $3,750 as investors priced further Fed easing, and flows were mixed with FPIs net buying Rs 390.74 crore on Friday but provisional outflows of about Rs 2,910 crore on Monday.