Sensex, Nifty decline on IT sell-off,amid US visa fee revisions

The domestic share market indices opened the week on a weak note on Monday, with losses extending into the second straight session as the Nifty 50 fell below 25,200 intraday, weighed down by IT, financial, and pharma stocks.IT stocks faced selling pressure after US President Donald Trump announced a $100,000 levy on new H-1B visas, though partial recovery followed on later clarification; sentiment was further aided by GST rollout and sustained Adani Group buying, helping benchmarks recover intraday losses.At close, the Sensex was down 466.26 points or 0.56 percent at 82,159.97, and the Nifty was down 124.70 points or 0.49 percent at 25,202.35. BSE Midcap and smallcap indices shed 0.7% each.
Adani Enterprises, Bajaj Auto, Eternal, Adani Ports, Bajaj Finance were the top gainers on the Nifty while losers included Tech Mahindra, TCS, Infosys, Wipro, Cipla.On the sectoral front, IT index was down 2.7 percent, pharma down 1.2 percent, while power index was up 1.6 percent, oil & gas index up 0.4 percent and metal index rose 0.4 percent.
Rupee Close:
On 22 Sep'25,the Indian rupee depreciated 15 paise to close at 88.31  against the U.S. dollar on Monday, as investors weighed President Donald Trump's H-1B visa fee hike impact on Indian remittances amid heightened risk-averse sentiment.Forex traders said the recent hike in H-1B visa fees could contribute to equity outflows from the Indian IT sector in the near term, and could also exert pressure on the Indian rupee.
Trading Guide:
Vinod Nair, Head of Research, Geojit Investments stated,the domestic market traded on a lower note amid a sharp increase in H-1B visa costs, which weighed on the IT index, while mid- and small-cap stocks saw profit-booking following recent gains.GST rationalisation, a normal monsoon, lower interest rates, and tax incentives are expected to support consumption, narrowing the gap between valuations and growth prospects.Foreign investors are gradually turning buyers, driven by expectations of earnings upgrades in H2FY25, with consumption-focused sectors likely to attract attention and support the market.
Market experts recommended five stocks to buy today-Anant Raj, Tanla Platforms, Centum Electronics, Cartrade Tech, and PCBL Chemical.

(Business Correspondent)