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Below the Perspective on Markets 22nd Sept 2025 by Mr. Vikram Kasat, Head - Advisory, PL Capital

Indian equities started the week on a cautious note with the Sensex falling 466 points to 82,160 and the Nifty50 slipping 125 points to 25,202, ending a two-day winning streak. The sharp selloff in IT stocks weighed heavily after the US administration imposed a steep hike in H-1B visa fees to $100,000, raising fresh concerns for the sector. Tech Mahindra, TCS, and Infosys led the decline, with broader pressure also evident in pharma and auto names.

“The new US executive order intensifies margin pressure for Indian IT. While the $100,000 visa fee implies a median 40 bps impact to FY27e margins across our coverage, the effect will be marginal for most firms as H-1B dependency has already reduced sharply. LTIM may face a larger 130 bps hit given higher exposure.”

On the positive side, Adani Enterprises and Bajaj Finance led gains, while metals and media indices outperformed. Markets are expected to remain range-bound near term, with festive demand and GST 2.0 benefits emerging as key triggers to watch.

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