India’s equity benchmarks inched lower in early trade on Tuesday on broad-based losses due to concerns over the impact of steep H-1B visa fees, while gains in auto stocks from strong festive-season demand capped losses.
The Nifty 50was down 0.33 percent at 25,117.8 points, while the BSE Sensex lost 0.32 percent to 81,889.71, as of 10:22 a.m. IST.
Fifteen of the 16 major sectors logged losses. The broader small-capsand mid-caps traded 0.5 percent lower each.
Stocks of information technology firms, which earn a bulk of their revenue from the US, slid 0.6 percent, extending Monday’s 3 percent sell-off.
There is a bearish tone in the markets after the new H-1B visa fees as the move is likely to disrupt the Indian IT outsourcing model, said Hariprasad K, research analyst and founder at Livelong Wealth.
Indians made up 71 percent of approved H-1B beneficiaries last year.
Bucking the trend, the auto index jumped 1 percent to hit a record high, following reports, of strong footfalls across dealerships on Monday, the first day of the local festival Navratri, which coincided with the Goods and Services Tax (GST) cuts kicking in.
Three of the top five gains on the Nifty 50 were all auto companies. India’s largest automaker, Maruti Suzuki India, topped the list with a 2.2 percent rise, hitting a lifetime high.
Mahindra & Mahindra rose 1 percent and Eicher Motors added 1.4 percent.
Auto firms passing the GST cuts on to customers is likely to increase volumes in the passenger vehicle industry, helping sustain momentum in fiscal 2026, said ICICI Securities.
Among other stocks, KEC International surged 7.7 percent after securing orders worth 32.43 billion rupees ($366.6 million) in its international transmission and distribution business. — India’s equity benchmarks inched lower in early trade on Tuesday on broad-based losses due to concerns over the impact of steep H-1B visa fees, while gains in auto stocks from strong festive-season demand capped losses.
The Nifty 50was down 0.33 percent at 25,117.8 points, while the BSE Sensex lost 0.32 percent to 81,889.71, as of 10:22 a.m. IST.
Fifteen of the 16 major sectors logged losses. The broader small-capsand mid-caps traded 0.5 percent lower each.
Stocks of information technology firms, which earn a bulk of their revenue from the US, slid 0.6 percent, extending Monday’s 3 percent sell-off.
There is a bearish tone in the markets after the new H-1B visa fees as the move is likely to disrupt the Indian IT outsourcing model, said Hariprasad K, research analyst and founder at Livelong Wealth.
Indians made up 71 percent of approved H-1B beneficiaries last year.
Bucking the trend, the auto index jumped 1 percent to hit a record high, following reports, of strong footfalls across dealerships on Monday, the first day of the local festival Navratri, which coincided with the Goods and Services Tax (GST) cuts kicking in.
Three of the top five gains on the Nifty 50 were all auto companies. India’s largest automaker, Maruti Suzuki India, topped the list with a 2.2 percent rise, hitting a lifetime high.
Mahindra & Mahindra rose 1 percent and Eicher Motors added 1.4 percent.
Auto firms passing the GST cuts on to customers is likely to increase volumes in the passenger vehicle industry, helping sustain momentum in fiscal 2026, said ICICI Securities.
Among other stocks, KEC International surged 7.7 percent after securing orders worth 32.43 billion rupees ($366.6 million) in its international transmission and distribution business.
