Stock market today: Nifty50 opens in red; BSE Sensex down over 300 points as IT stocks tank on H-1B visa fee hike – The Times of India
Stock market today: Nifty50 and BSE Sensex, the Indian equity benchmark indices, opened in red on Monday as IT stocks tanked following Donald Trump administration’s H-1B visa fee hike to $100,000. While Nifty50 was below 25,250, BSE Sensex was down over 300 points. At 9:16 AM, Nifty50 was trading at 25,229.70, down 97 points or 0.38%. BSE Sensex was at 82,279.92, down 346 points or 0.42%.Market analysts anticipate continued stability with an upward trend, supported by potential consumption increases as GST rate reductions take effect from September 22, coinciding with Navratri celebrations which could further enhance demand.Dr. VK Vijayakumar, Chief Investment Strategist, Geojit Investments Limited says, “The market is likely to witness a dualistic behaviour today with the IT sector getting impacted by the H1B visa issue and the domestic consumption themes responding to the potential big boost to consumption coming from the lower GST rates kicking-in from today. This festival season is likely to witness one of the best consumption booms in recent times.”“The Indian stock market’s huge underperformance during the last one-year compared to most markets of the world, is likely to end soon. But a runaway rally is unlikely since high valuations continue to be a concern. The present low interest rate regime will aid the consumption boost and will also facilitate increase in credit demand. This has the potential to boost the profitability of financials. Banking stocks which have been under pressure from NIM compression fears are fairly valued and have the potential to deliver decent returns.“Major US indices finished higher on Friday, recording weekly gains, bolstered by FedEx’s strong performance following positive earnings.Asian indices started higher, with Japan leading, following the central bank’s clarification regarding its substantial exchange-traded fund holdings disposal plans.Gold remained stable near its historic peak on Monday, with investors focusing on upcoming US inflation data and Federal Reserve speakers this week. This follows the central bank’s recent interest rate reduction and hints at possible future cuts.Oil prices showed modest gains on Monday, driven by ongoing geopolitical tensions in Europe and the Middle East. However, additional oil supply prospects and concerns regarding trade tariffs’ effects on global fuel consumption provided resistance.FIIs’ position in the futures market grew from a net short of Rs 1.43 lakh crore on Thursday to Rs 1.46 lakh crore on Friday.(Disclaimer: Recommendations and views on the stock market and other asset classes given by experts are their own. These opinions do not represent the views of The Times of India)
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