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."

Overall, markets face a mixed scenario: IT stocks struggle under international policy pressures, while domestic consumption and financial sectors respond positively to government measures, including GST rate reductions. Investors are closely watching these contrasting trends to gauge near-term market direction.

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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