Stock markets fall dragged by IT firms on US H-1B visa fee hike concerns
Mumbai, Sep 22 (PTI): Benchmark equity indices Sensex and Nifty ended lower on Monday, dragged by IT stocks amid concerns over the US President Donald Trump's decision to raise H-1B visa fees to USD 1,00,000 per worker.
Also, selling in blue-chip Reliance Industries took the markets lower.
Falling for the second day in a row, the 30-share BSE Sensex dropped 466.26 points or 0.56 per cent to settle at 82,159.97. During the day, it tanked 628.94 points or 0.76 per cent to 81,997.29.
The 50-share NSE Nifty declined 124.70 points or 0.49 per cent to 25,202.35.
From the Sensex firms, Tech Mahindra, Tata Consultancy Service, Infosys, HCL Tech, Tata Motors, Trent, Reliance Industries and Larsen & Toubro were among the major laggards.
However, Eternal, Bajaj Finance, Adani Ports and UltraTech Cement were among the gainers.
President Trump on Friday signed a proclamation raising the fee on the visas used by companies to hire workers, including from India, to live and work in the US.
The H-1B visa fee of USD 1,00,000 would be applicable only to new applicants, a White House official clarified on Saturday.
In Asian markets, South Korea's Kospi, Japan's Nikkei 225 index and Shanghai's SSE Composite index settled in positive territory while Hong Kong's Hang Seng ended lower.
Markets in Europe were trading lower.
US markets ended higher on Friday.
Global oil benchmark Brent crude dipped 0.10 per cent to USD 66.61 a barrel.
Foreign institutional investors (FIIs) bought equities worth Rs 390.74 crore on Friday, according to exchange data.
On Friday, the Sensex tanked 387.73 points or 0.47 per cent to settle at 82,626.23. The Nifty declined 96.55 points or 0.38 per cent to 25,327.05.
Let the Truth be known. If you read VB and like VB, please be a VB Supporter and Help us deliver the Truth to one and all.
IPL 2026 to be held between March 26-May 31 window
Mumbai (PTI): The upcoming edition of the Indian Premier League will be held between the March 26 to May 31 window but it remains to be seen if Bengaluru, the home of RCB, holds the opening match.
As per the norms, the M. Chinnaswamy Stadium should host the tournament opener given the home side, Royal Challengers Bengaluru won the IPL 2025 title.
While the venue has received conditional clearance from the Karnataka state government, it also needs to meet the necessary safety and security standards following the death of 11 fans in a stampede during RCB's victory celebrations in June this year.
The mini-auction for IPL 2026 will be held in Abu Dhabi today with three-time winners Kolkata Knight Riders coming in with the biggest purse.
