Sensex slides 223 pts; pharma shares drop

The frontline indices traded with modest cuts in the mid-morning 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. Pharma shares declined after advancing in the past two consecutive trading sessions.

At 11:27 IST, the barometer index, the S&P BSE Sensex, declined 223.43 points or 0.30% to 82,405.80. The Nifty 50 index lost 56 points or 0.22% to 25,270.95.

In the broader market, The S&P BSE Mid-Cap index fell 0.35% and the S&P BSE Small-Cap index shed 0.22%.

The market breadth was negative. On the BSE, 1,978 shares rose and 2,061 shares fell. A total of 207 shares were unchanged.

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.

IPO Update:

The initial public offer (IPO) of Ganesh Consumer Products received bids for 3,43,252 shares as against 89,12,228 shares on offer, according to stock exchange data at 11:15 IST on Monday (22 September 2025). The issue was subscribed 0.04 times.

The issue opened for bidding on Modnay (22 September 2025) and it will close on Wednesday (24 September 2025). The price band of the IPO is fixed between Rs 306 and 322 per share. An investor can bid for a minimum of 46 equity shares and in multiples thereof. The initial public offer (IPO) of Atlanta Electricals received bids for 11,18,226 shares as against 65,38,439 shares on offer, according to stock exchange data at 11:15 IST on Monday (22 September 2025). The issue was subscribed 0.17 times.

The issue opened for bidding on Monday (22 September 2025) and it will close on Wednesday (24 September 2025). The price band of the IPO is fixed between Rs 718 and 754 per share. An investor can bid for a minimum of 19 equity shares and in multiples thereof.

The initial public offer (IPO) of GK Energy received bids for 8,65,47,426 shares as against 2,21,80,828 shares on offer, according to stock exchange data at 11:15 IST on Monday (22 September 2025). The issue was subscribed 3.90 times.

The issue opened for bidding on Friday (19 September 2025) and it will close on Tuesday (23 September 2025). The price band of the IPO is fixed between Rs 145 and 153 per share. An investor can bid for a minimum of 98 equity shares and in multiples thereof.

The initial public offer (IPO) of Saatvik Green Energy received bids for 1,17,79,360 shares as against 1,42,71,970 shares on offer, according to stock exchange data at 11:15 IST on Monday (22 September 2025). The issue was subscribed 0.83 times.

The issue opened for bidding on Friday (19 September 2025) and it will close on Tuesday (23 September 2025). The price band of the IPO is fixed between Rs 442 and 465 per share. An investor can bid for a minimum of 44 equity shares and in multiples thereof.

The initial public offer (IPO) of Ivalue Infosolutions received bids for 1,33,62,000 shares as against 1,31,17,272 shares on offer, according to stock exchange data at 11:15 IST on Monday (22 September 2025). The issue was subscribed 1.02 times.

The issue opened for bidding on Thursday (18 September 2025) and it will close on Monday (22 September 2025). The price band of the IPO is fixed between Rs 284 and 299 per share. An investor can bid for a minimum of 50 equity shares and in multiples thereof.

Buzzing Index:

The Nifty Pharma index fell 0.80% to 22,505.80. The index rallied 2% in the past two consecutive trading sessions.

Ipca Laboratories (down 3.11%), Mankind Pharma (down 2.16%), Laurus Labs (down 1.58%), Biocon (down 1.39%), Granules India (down 1.35%), Gland Pharma (down 1.16%), Lupin (down 1.13%), Natco Pharma (down 0.9%), Divis Laboratories (down 0.88%) and Alkem Laboratories (down 0.76%) declined.

On the other hand, Abbott India (up 0.64%), Aurobindo Pharma (up 0.52%) and Zydus Lifesciences (up 0.49%) edged higher.

Stocks in Spotlight:

Mayur Uniquoters slipped 1.25%. The company said its board has approved the reappointment of Suresh Kumar Poddar as chairman and managing director & CEO for three years, from 1 April 2026 to 31 March 2029.

Sarveshwar Foods added 1.22% after the company has announced a significant international order worth Rs 329 million from Monarda Commodities, a Singapore-based trading firm.

Shipping Corporation of India (SCI) gained 5.02% after the company announced it has signed a memorandum of understanding (MoU) with Bharat Petroleum (BPCL), Hindustan Petroleum (HPCL), and Indian Oil Corporation (IOCL).

Global Markets:

Asia market traded mixed on 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 declined after the Trump administration clarified that the $100,000 H-1B visa fee would apply only to new applicants. Existing petitions remain unaffected. However, the move is still seen as a setback for a sector heavily 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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