Mumbai: Equity benchmark indices Sensex and Nifty slipped in early trade on Monday, weighed down by IT stocks amid concerns over US President Donald Trump’s move to hike H-1B visa fees to USD 1,00,000 per worker.
The 30-share BSE Sensex fell 475.16 points to 82,151.07 at the opening bell, while the NSE Nifty declined 88.95 points to 25,238.10.
Among Sensex constituents, Tech Mahindra, Infosys, HCL Tech, and Tata Consultancy Services dropped between 2.26% and 3.88%. Sun Pharma, Bharat Electronics, Axis Bank, and Tata Steel also traded in the red. In contrast, Adani Ports, Eternal, Trent, and Bajaj Finance emerged as gainers.
On Friday, President Trump signed a proclamation imposing a higher fee on visas used by companies to hire foreign workers, including from India. A White House official later clarified that the USD 1,00,000 fee would apply only to new applicants.
“The market is likely to show dual behaviour today — with IT stocks under pressure from the H-1B visa hike, while domestic consumption plays could see a lift from the GST rate cuts effective today,” said V.K. Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
Across Asian markets, South Korea’s Kospi, Japan’s Nikkei 225, and Shanghai’s SSE Composite traded in positive territory, while Hong Kong’s Hang Seng index was lower. US markets had closed higher on Friday.
Meanwhile, global oil benchmark Brent crude rose 0.66% to USD 67.12 per barrel. Foreign institutional investors (FIIs) purchased equities worth ₹390.74 crore on Friday, according to exchange data.
On the previous session, the Sensex had slumped 387.73 points (0.47%) to close at 82,626.23, while the Nifty fell 96.55 points (0.38%) to 25,327.05.
