Nifty hits record high after 14 months; Sensex nears all-time peak
Mumbai (PTI): Stock market benchmark indices extended their previous day's rally in early trade on Thursday, with the Nifty hitting its fresh record high amid favourable global trends on growing hopes of a US Fed rate cut and foreign fund inflows.
The 30-share BSE Sensex advanced 313.38 points to 85,922.89 in early trade. The 50-share NSE Nifty rallied 90.25 points to hit an all-time high of 26,295.55. The broader index had earlier scaled its record intra-day high of 26,277 on September 27, 2024.
From the Sensex firms, Bajaj Finance, Bajaj Finserv, ICICI Bank, Larsen & Toubro, Asian Paints and Mahindra & Mahindra were among the biggest gainers.
However, Eternal, Kotak Mahindra Bank, UltraTech Cement and Maruti were among the laggards.
In Asian markets, South Korea's Kospi, Japan's Nikkei 225 index, Shanghai's SSE Composite index and Hong Kong's Hang Seng index were trading in positive territory.
US markets ended higher on Wednesday.
Foreign Institutional Investors (FIIs) bought equities worth Rs 4,778.03 crore on Wednesday, according to exchange data. Domestic Institutional Investors (DIIs) also purchased stocks worth Rs 6,247.93 crore in the previous trade.
"Expectation of a rate cut by the Fed and a possible Russia-Ukraine peace accord have improved sentiments for equity markets globally," VK Vijayakumar, Chief Investment Strategist, Geojit Investments Limited, said.
Brent crude, the global oil benchmark, dipped 0.48 per cent to USD 62.83 per barrel.
"Global equity markets have extended their gains, buoyed by growing expectations of interest-rate cuts by the US Federal Reserve. Major US indices — including the S&P 500, Dow Jones, and Nasdaq — posted another session of solid advances as softer Treasury yields and renewed policy optimism strengthened risk appetite. This upbeat sentiment has carried into today’s global trade, with Asian markets opening higher," Ponmudi R, CEO of Enrich Money, an online trading and wealth tech firm, said.
On Wednesday, the Sensex jumped 1,022.50 points or 1.21 per cent to settle at 85,609.51. The Nifty zoomed 320.50 points or 1.24 per cent to end at 26,205.30.
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.
Texas halts H-1B visas at state universities, agencies; to affect Indians
Houston (US) (PTI): Texas Governor Greg Abbott has ordered state agencies and public universities to immediately halt new H-1B visa petitions, tightening hiring rules at taxpayer-funded institutions, a step likely to impact Indian professionals.
The freeze will remain in effect through May 2027.
The directive issued on Tuesday said that the state agencies and public universities must stop filing new petitions unless they receive written approval from the Texas Workforce Commission.
The governor's order, in a red state that is home to thousands of H-1B visa holders, comes as the Trump administration has initiated steps to reshape the visa programme.
“In light of recent reports of abuse in the federal H-1B visa programme, and amid the federal government’s ongoing review of that programme to ensure American jobs are going to American workers, I am directing all state agencies to immediately freeze new H-1B visa petitions as outlined in this letter,” Abbot said.
Institutions must also report on H-1B usage, including numbers, job roles, countries of origin, and visa expiry dates, the letter said.
US President Donald Trump on September 19 last year signed a proclamation ‘Restriction on entry of certain non-immigrant workers’ that restricted the entry into the US of those workers whose H-1B petitions are not accompanied or supplemented by a payment of USD 1,00,000.
The H1-B visa fee of USD 1,00,000 would be applicable only to new applicants, i.e. all new H-1B visa petitions submitted after September 21, including those for the FY2026 lottery.
Indians make up an estimated 71 per cent of all approved H-1B applications in recent years, according to US Citizenship and Immigration Services (USCIS), with China in the second spot. The major fields include technology, engineering, medicine, and research.
Tata Consultancy Services (TCS) is the second-highest beneficiary with 5,505 approved H-1B visas in 2025, after Amazon (10,044 workers on H-1B visas), according to the USCIS. Other top beneficiaries include Microsoft (5,189), Meta (5,123), Apple (4,202), Google (4,181), Deloitte (2,353), Infosys (2,004), Wipro (1,523) and Tech Mahindra Americas (951).
Texas public universities employ hundreds of foreign faculty and researchers, many from India, across engineering, healthcare, and technology fields.
Date from Open Doors -- a comprehensive information resource on international students and scholars studying or teaching at higher education institutions in the US -- for 2022-2023 showed 2,70,000 students from India embarked on graduate and undergraduate degrees in US universities, accounting for 25 per cent of the international student population in the US and 1.5 per cent of the total student population.
Indian students infuse roughly USD 10 billion annually into universities and related businesses across the country through tuition and other expenses – while also creating around 93,000 jobs, according to the Open Doors data.
Analysts warn the freeze could slow recruitment of highly skilled professionals, affecting academic research and innovation.
Supporters say the directive protects local jobs, while critics caution it could weaken Texas’ competitiveness in higher education and research.
The order comes amid broader debate in the US over skilled immigration and state-level interventions in federal programmes.
H-1B visas allow US companies to hire technically-skilled professionals that are not easily available in America. Initially granted for three years, these can be extended for another three years.
In September 2025, Trump had also signed an executive order ‘The Gold Card’, aimed at setting up a new visa pathway for those committed to supporting the United States; with individuals who can pay USD 1 million to the US Treasury, or USD 2 million if a corporation is sponsoring them, to get access to expedited visa treatment and a path to a Green Card.
