Sensex falls over 300 points as US hikes H-1B visa
The Indian stock market opened in the red on Monday, with Sensex falling by as much as 346 points (down 267.56 points to 82,358.67 as of 9:25 am) and Nifty slipping below 25,300.
The main reason? A sharp drop in IT stocks after the US suddenly raised H-1B visa fees.
Visa fees jump to $100,000
The US hiked H-1B visa fees to a steep $100,000, making it much pricier for Indian IT firms to send employees abroad.
Tech Mahindra shares tumbled 6% as a result.
Analysts say mid-sized tech companies could feel the pinch most, while bigger players have already shifted more jobs locally or offshore.
Optimism amid global worries
While IT took a hit, sectors focused on domestic consumption are getting a boost from lower GST rates and the festival season rush.
Dr. VK Vijayakumar notes that easier loans and higher spending might help financial stocks recover too—so there's still some optimism despite global worries.