Markets fall dragged by IT cos on H-1B visa fee hike

Mumbai: Benchmark equity indices Sensex and Nifty ended sharply lower on Monday, dragged by IT stocks amid concerns over the US President Donald Trump’s decision to raise H-1B visa fees to $1,00,000 per worker. Also, selling in blue-chip Reliance Industries took the markets down.

Falling for the second day in a row, the 30-share BSE Sensex dropped 466.26 points or 0.56 per cent to settle at 82,159.97.

The 50-share NSE Nifty declined 124.70 points or 0.49 per cent to 25,202.35.

From the Sensex firms, Tech Mahindra, Tata Consultancy Service, Infosys, HCL Tech, Tata Motors, Trent, Reliance Industries and Larsen & Toubro were among the major laggards.

However, Eternal, Bajaj Finance, Adani Ports and UltraTech Cement were among the gainers.

President Trump on Friday signed a proclamation raising the fee on the visas used by companies to hire workers, including from India, to live and work in the US.

The H-1B visa fee of $1,00,000 would be applicable only to new applicants, a White House official clarified on Saturday.

The BSE midcap gauge declined 0.78 per cent and smallcap index went lower by 0.71 per cent.

Among sectoral indices, BSE Focused IT tanked 2.98 per cent, IT (2.73 per cent), teck (2.09 per cent), capital goods (0.77 per cent), industrials (0.75 per cent) and auto (0.41 per cent).

Utilities jumped 2.56 per cent, power (1.66 per cent), metal (0.39 per cent), oil & gas (0.36 per cent) and services (0.08 per cent).

As many as 2,511 stocks declined while 1,775 advanced and 169 remained unchanged on the BSE.

Global oil benchmark Brent crude dipped 0.10 per cent to $66.61 a barrel.

FIIs bought equities worth Rs 390.74 crore on Friday, according to exchange data.