Tech sector drags Indian markets lower
The BSE Sensex fell 170 points, or 0.2%, to 82,456 in morning trade on Monday, extending losses from the previous session, primarily weighed down by weakness in the tech sector.
Tech stocks plunged 2.4% after US President Trump imposed a USD 100,000 fee on new H-1B visa applications, threatening the sector's long-standing model of rotating skilled workers into the US.
The decline was led by Tech Mahindra (-3.8%), followed by TCS (-2.3%), Infosys (-1.8%), and HCL Tech (-1.7%). Market participants are also awaiting the release of India’s PMI data on Tuesday, as well as a series of key US economic indicators and the FOMC meeting minutes due later this week.
However, an upbeat session on Wall Street on Friday helped limit the downside, as investors reacted positively to strong corporate earnings.
Sentiment was further supported by optimism surrounding US-India trade talks, with India’s Trade Minister Piyush Goyal set to visit Washington today to advance a long-pending trade deal.
UCapital Asset Management LLP or group companies may have commercial relationships with the companies mentioned. This content is not financial advice.
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