Stock markets tumble in early trade amid weak global cues, FII outflows
Mumbai (PTI): Equity benchmark indices Sensex and Nifty fell sharply in early trade on Tuesday in line with weak global cues, continuous foreign fund outflows and selling pressure in IT stocks and Reliance Industries.
Investor sentiment also turned cautious ahead of the US Federal Reserve's policy meeting outcome, which is expected to provide cues on the interest rate trajectory.
The 30-share BSE Sensex plunged by 636.22 points, or 0.75 per cent, to 84,466.47 in early trade. The 50-share NSE Nifty depreciated by 193.25 points, or 0.74 per cent, to 25,767.30.
Among the Sensex firms, Asian Paints, Trent, Mahindra & Mahindra, Tata Steel, Tata Consultancy Services, Reliance Industries, Tata Motors Passenger Vehicles, Bharat Electronics Ltd, Tech Mahindra, NTPC, HCL Technologies, Infosys and UltraTech Cement were the laggards.
Bharti Airtel and Hindustan Unilever were the only gainers in the morning trade.
The US Federal Reserve is set to begin its two-day policy meeting later on Tuesday, where the central bank's Federal Open Market Committee (FOMC) will decide on key benchmark interest rates for the world's largest economy.
The outcome will be announced on Wednesday. Meanwhile, Foreign Institutional Investors (FIIs) offloaded equities worth Rs 655.59 crore on Monday, while Domestic Institutional Investors (DIIs) bought stocks worth Rs 2,542.49 crore, according to exchange data.
"Despite hopes pinned on a potential US Fed cut on December 10, sentiment remains fragile with FIIs continuing to sell, the rupee weakening towards 90/USD, and global cues turning softer," Prashanth Tapse , Senior VP (Research), Mehta Equities Ltd, said.
In Asian markets, Hong Kong's Hang Seng index, South Korea's KOSPI and Shanghai's SSE Composite index were trading in the negative territory while Japan's Nikkei 225 benchmark was quoting in the green zone.
The US markets ended lower in overnight deals on Monday as investors turned cautious ahead of the Fed meeting.
Brent crude, the global oil benchmark, slipped 0.21 per cent to USD 62.36 per barrel.
On Monday, the 30-share BSE Sensex plunged by 609.68 points to close at 85,102.69.
Snapping a two-day gaining streak, the 50-share NSE Nifty declined by 225.90 points to settle at 25,960.55.
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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.
