Market Reacts To GST Changes And H1B Visa Troubles: Financials Gain While IT Stocks Slide

Indian equity markets on Monday (22 September) opened in red as IT stocks fell following the Trump administration’s H-1B visa fee increase to $100,000, reported The Times Of India.

Nifty50 slipped below 25,250, while BSE Sensex fell over 300 points. At 9:16 AM, Nifty50 traded at 25,229.70, down 97 points or 0.38 per cent, and BSE Sensex stood at 82,279.92, recording a sharp decline.

VK Vijayakumar, market strategist at Geojit Investments Limited, said that the market was expected to show dualistic behavior, with the IT sector affected by the H-1B visa issue while domestic consumption themes responded positively to the potential boost from GST rate cuts.

He added, "The Indian stock market's huge underperformance during the last one-year compared to most markets of the world, is likely to end soon. But a runaway rally is unlikely since high valuations continue to be a concern. The present low interest rate regime will aid the consumption boost and will also act to increase credit demand."

While Tech Mahindra fell over 6 per cent, other Indian IT majors like TCS, Infosys and Wipro fell about 2-3 per cent. Among the stocks that performed well were Bajaj Finance, Adani Ports and HDFC Life.

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