Sensex, Nifty Slip as H-1B Fee Hike Hits IT, GST Cuts Offset Some Losses
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Summary: Visa fee hike spooks IT stocks; markets drop despite GST cuts, trade deal hopes offering mild support.
The Sensex and Nifty both opened down on Monday, which was a bad sign for Indian markets. Major drag came from IT stocks, which took a hit after the U.S. raised the fee for new H-1B visa applications to a whopping $100,000. Investors are worried about rising costs and how it might impact Indian tech firms operating heavily with U.S. clients.
At the same time, relief came from the rollout of new GST rates (GST 2.0), which reduced tax slabs and are expected to help ease inflation and boost consumer demand. Some sectors, especially those more domestic-focused, welcomed the move.
Also adding to the mood: ongoing India-U.S. trade talks, which have become a key factor for market watchers. That optimism helped limit damage even as tech shares dropped sharply.
In early trading, the Nifty had fallen about 90-100 points, while the Sensex dropped over 300 points. TCS, Infosys, Tech Mahindra, and Wipro were some of the worst losers. On the plus side, some consumer and real estate companies showed resilience, aided by demand expectations linked to lower tax rates.
