Indian equity benchmarks extended losses for the second straight session on Wednesday as persistent foreign fund outflows, global growth worries, and the US administration’s steep hike in H-1B visa fees weighed on sentiment.
The 30-share BSE Sensex fell 380.48 points to 81,721.62 in early trade, while the NSE Nifty50 slipped 106.45 points to 25,063.05.
Sector & Stock Movers
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Top Losers: Tech Mahindra, Tata Motors, ICICI Bank, Bharti Airtel, TCS, Axis Bank, Titan, Kotak Mahindra Bank
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Top Gainers: Trent, NTPC, SBI, Asian Paints
The Nifty IT index dropped nearly 0.7% to 35,009.70 — its lowest level in two weeks — after US President Donald Trump proposed a sweeping overhaul of the H-1B visa process and announced an unprecedented $100,000 one-time fee for fresh applications.
Biggest IT Losers: Coforge, Tech Mahindra, Mphasis, Persistent Systems (down ~2% each), Wipro (-1%), LTIMindtree, Infosys, TCS (-0.4%).
Only Gainer: HCL Tech (+1%).
FII & Global Cues
Foreign Institutional Investors (FIIs) net sold equities worth ₹3,551.19 crore on Tuesday, according to exchange data.
Analysts flagged global concerns over overheated asset prices after Fed Chair Jerome Powell, in a speech at Rhode Island, reiterated inflation and employment risks and hinted at tighter policy ahead.
Asian markets were mixed: Kospi and Nikkei 225 traded lower, while Shanghai SSE and Hang Seng gained. US markets ended lower overnight. Brent crude edged up 0.28% to $67.82/barrel.
What Analysts Say
According to ICICI Securities, the shift to a wage-based H-1B visa selection process could particularly hurt fresher hiring and impact Indian IT firms and startups. However, local hiring, near-shoring, and client negotiations are expected to partially mitigate the impact.
Elara Capital estimates a 5.8% earnings impact on mid-cap IT firms and 8.4% for large caps in a worst-case scenario, with more offshoring likely as companies manage costs.
