Indian benchmark equity indices, the Sensex and Nifty, concluded Monday’s trading session lower, heavily influenced by a slump in IT stocks. The primary catalyst for this decline was growing apprehension surrounding the U.S. President’s move to increase H-1B visa fees to a staggering $100,000 per worker. This development, coupled with a notable sell-off in the blue-chip conglomerate Reliance Industries, collectively pushed the markets into negative territory.
For the second consecutive day, the 30-share BSE Sensex registered a drop, shedding 466.26 points, or 0.56%, to close at 82,159.97. Earlier in the day, it had plunged by 628.94 points, marking a 0.76% dip to reach 81,997.29. Similarly, the broader 50-share NSE Nifty saw a decline of 124.70 points, or 0.49%, settling at 25,202.35.
Among the Sensex constituents, several major IT players were the biggest losers, including Tech Mahindra, Tata Consultancy Services, Infosys, and HCL Tech. Other prominent laggards comprised Tata Motors, Trent, Reliance Industries, and Larsen & Toubro. Conversely, companies like Eternal, Bajaj Finance, Adani Ports, and UltraTech Cement managed to post gains.
The market jitters originated from President Trump’s proclamation on Friday, September 19, 2025, announcing a substantial hike in fees for H-1B visas. These visas are crucial for companies employing skilled foreign workers, a significant portion of whom are from India, to live and work in the United States. A White House official later clarified on Saturday, September 20, 2025, that the $100,000 H-1B visa fee would specifically apply to new applicants.
Looking at global markets, Asian indices presented a mixed picture. South Korea’s Kospi, Japan’s Nikkei 225, and Shanghai’s SSE Composite index all closed positively, while Hong Kong’s Hang Seng recorded losses. European markets, however, were trading lower, mirroring some of the cautious sentiment seen in India. Despite the global volatility, U.S. markets had finished higher on Friday.
In the commodities market, the global oil benchmark Brent crude experienced a slight dip of 0.10%, trading at $66.61 per barrel. Meanwhile, foreign institutional investors (FIIs) demonstrated buying interest, acquiring equities worth ₹390.74 crore on Friday, as per exchange data. This comes after Friday’s session where the Sensex had already fallen by 387.73 points (0.47%) to 82,626.23, and the Nifty by 96.55 points (0.38%) to 25,327.05, setting a precedent for Monday’s continued decline.