Stock Markets Fall on US H-1B Visa Fee Hike

Mumbai, Sep 22 (PTI) Benchmark equity indices Sensex and Nifty ended lower on Monday, dragged by IT stocks amid concerns over the US President Donald Trump's decision to raise H-1B visa fees to USD 1,00,000 per worker.

Also, selling in blue-chip Reliance Industries took the markets lower.

Falling for the second day in a row, the 30-share BSE Sensex dropped 466.26 points or 0.56 per cent to settle at 82,159.97. During the day, it tanked 628.94 points or 0.76 per cent to 81,997.29.

The 50-share NSE Nifty declined 124.70 points or 0.49 per cent to 25,202.35.

From the Sensex firms, Tech Mahindra, Tata Consultancy Service, Infosys, HCL Tech, Tata Motors, Trent, Reliance Industries and Larsen & Toubro were among the major laggards.

However, Eternal, Bajaj Finance, Adani Ports and UltraTech Cement were among the gainers.

President Trump on Friday signed a proclamation raising the fee on the visas used by companies to hire workers, including from India, to live and work in the US.

The H-1B visa fee of USD 1,00,000 would be applicable only to new applicants, a White House official clarified on Saturday.

In Asian markets, South Korea's Kospi, Japan's Nikkei 225 index and Shanghai's SSE Composite index settled in positive territory while Hong Kong's Hang Seng ended lower.

Markets in Europe were trading lower.

US markets ended higher on Friday.

Global oil benchmark Brent crude dipped 0.10 per cent to USD 66.61 a barrel.

Foreign institutional investors (FIIs) bought equities worth Rs 390.74 crore on Friday, according to exchange data.

On Friday, the Sensex tanked 387.73 points or 0.47 per cent to settle at 82,626.23. The Nifty declined 96.55 points or 0.38 per cent to 25,327.05.