Market open lower amid H-1B visa policy shock

Domestic equity indices opened with moderate losses in early trade as investor sentiment took a hit following the Trump administration?s controversial H-1B visa policy, which imposes a one-time $100,000 fee on new applicants. The move, seen as a blow to India?s tech sector. The Nifty traded below 25,300 level.

IT, pharma and healthcare shares decline, while realty, PSU bank and metal shares advanced.

At 09:30 IST, the barometer index, the S&P BSE Sensex, declined 148.48 points or 0.18% to 82,478.15. The Nifty 50 index lost 31.50 points or 0.12% to 25,295.55.

In the broader market, The S&P BSE Mid-Cap index fell 0.17% and the S&P BSE Small-Cap index shed 0.05%.

The market breadth was positive. On the BSE, 1,951 shares rose and 1,406 shares fell. A total of 210 shares were unchanged.

According to public data, FPIs have sold shares worth Rs 10,571.65 crore in the cash market in so far in September 2025. This follows their cash sales of shares worth Rs 46,902.92 crore in August 2025.

Trumps H1B Visa

The Trump administration has issued a key clarification regarding its new visa policy, confirming that the controversial $100,000 H-1B visa fee will be a one-time charge applicable only to new applicants. The policy, which came into effect at midnight on Sunday, 21 September 2025, does not impact petitions filed before this date?offering limited relief to the rattled tech industry.

Despite the clarification, the sudden announcement triggered widespread panic among Indian professionals in the U.S. on H-1B visas. Confusion and uncertainty gripped many, with some canceling last-minute travel plans and others already in India scrambling to return. Immigration attorneys and companies quickly raised red flags, especially for H-1B holders and their families currently outside the U.S. for work or vacation. American lawmakers also criticized the move, calling it ?reckless? and potentially damaging to the country?s tech-driven economy.

Stocks in Spotlight:

Swan Defence and Heavy Industries hit an upper circuit of 5% after the company said that it has signed an MoU with Gujarat Maritime Board for an investment of Rs 4,250 crore. The company signed the MoU to jointly explore and finance maritime projects, including new builds, ship repairs, and infrastructure, through the maritime-focused equity fund.

Garden Reach Shipbuilders jumped 5.14% after the company announced that it has signed a series of MoUs with strategic partners in the shipbuilding, port, and infrastructure sectors.

Lupin shed 0.39%. The company said that it has received four observations from the US Food and Drug Administration (USFDA) following a product-specific pre-approval inspection at its biotech facility in Pune.

Numbers to Track:

The yield on India's 10-year benchmark federal paper added 0.02% to 6.490 from the previous close of 6.489.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 88.1700 compared with its close of 88.1600 during the previous trading session.

MCX Gold futures for 3 October 2025 settlement added 0.66% to Rs 110,567.

The US Dollar Index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.13% to 97.40.

The United States 10-year bond yield rose 0.07% to 4.143.

In the commodities market, Brent crude for November 2025 settlement gained 43 cents or 0.64% to $67.11 a barrel.

Global Markets:

Asia market traded mostly higher Monday as investors assessed China?s key lending rate decision.

China?s Central Bank kept the loan prime rates (LPR) unchanged for the fourth month in a row. The decision to stand pat comes after the U.S. Federal Reserve lowered its rates by 25 basis points last week. The People?s Bank of China kept the one-year LPR unchanged at 3.0% while the five-year LPR remained at 3.5%, according to a statement Monday. Meanwhile, President Donald Trump's immigration crackdown, opens new tab on worker visas kept sentiment in check.

Indian tech stocks will be in focus after the Trump administration clarified the $100,000 H-1B visa fee applies only to new applicants. Earlier petitions remain unaffected, though the move is still a blow to a sector reliant on Indian and Chinese talent.

US stocks notched fresh highs on Friday amid a record-setting rally as the US and China advanced trade talks and the ?magnificent seven? tech stocks continued to climb.

The Dow Jones Industrial Average rose 0.4% and the S&P 500 jumped nearly 0.5%. The tech-heavy Nasdaq Composite led gains, adding about 0.7%, as Apple stock rallied on optimism over its new iPhones hitting store shelves.

Investors on Friday were focused on details from Trump's conversation with Chinese President Xi Jinping. The US president said in a post on Truth Social following the talks, We made progress on many very important issues including Trade, Fentanyl, the need to bring the War between Russia and Ukraine to an end, and the approval of the TikTok Deal.

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