Indian equities fell for the fourth straight session on Wednesday. Concerns over US H-1B visa rules rattled investors once again, dragging down financial and IT stocks on the Sensex and Nifty.
The Sensex slipped 386 points to close at 81,715, while the Nifty dropped 113 points, ending at 25,057. Losses were broad-based, with foreign outflows overshadowing any hopes of a festive-season demand boost.
Top Movers:
Tata Motors, Bharat Electronics, Ultratech Cement, Tech Mahindra, M&M, and Axis Bank were among the biggest losers, shedding up to 2.7%. IT stocks continued to bleed, down 0.7% today and over 4% since Washington slapped a $100,000 fee on new H-1B visas. The sector also took a hit after US authorities proposed to prioritize higher-paid workers in the visa lottery.
Financials lost 0.6%, while autos gave up 1.2% as Tata Motors fell sharply on extended shutdowns at Jaguar Land Rover. Broader markets were weak too, smallcaps and midcaps dropped up to 1%.
Global Markets
Asian shares clawed back losses, lifted by AI and semiconductor stocks, while Japan’s Nikkei swung back into positive territory. In the US, futures inched up after the S&P 500 logged its steepest drop in three weeks following Fed Chair Jerome Powell’s comments.
Commodities & Currency
Gold extended record highs, trading at $3,773 an ounce. Oil prices firmed up, with Brent near $68 a barrel on tighter supply outlooks. And the rupee ended nearly flat at 88.69 against the dollar, supported by likely RBI intervention.
That’s all for today’s market wrap. Stay tuned with ET Markets Radio for more updates, and I’ll catch you in the next one.
