Indian stock markets opened lower on Monday as IT stocks fell sharply following new H-1B visa rules announced by the US, affecting investor sentiment.
- Sensex: Down 267.56 points at 82,358.67
- Nifty50: Down 48.60 points at 25,278.45 (as of 9:25 am)
IT Stocks Hit:
- Tech Mahindra: -4.08%
- Infosys: -2.53%
- HCL Technologies: -2.46%
- TCS: -2.21%
Sun Pharma: -0.40%
Top Gainers:
- UltraTech Cement: +0.85%
- Adani Ports: +0.78%
- Trent: +0.73%
- Eicher Motors: +0.65%
- Kotak Mahindra Bank: +0.45%
Sector Performance:
- Biggest fall: Nifty IT -2.37%
- Nifty Pharma: -0.48%, Healthcare: -0.31%, Consumer Durables: -0.02%
- Gainers: PSU Bank +0.73%, Realty +0.78%, Media +0.65%, Metals +0.52%, Financials +0.40%
Market Insights:
Dr. VK Vijayakumar, Chief Investment Strategist at Geojit Investments, noted that while IT stocks face headwinds from H-1B visa changes, domestic consumption themes could benefit from lower GST rates kicking in. He added that this festival season may see one of the strongest consumption booms in recent times, though valuations may prevent a runaway rally.
Low interest rates are expected to boost consumption and credit demand, supporting financials, which could deliver decent returns despite recent pressure on banking stocks.