India's stock market fell in the first few hours of trading as concerns over the impact of steep H-1B visa fees lingered.
At 11:16 am on Tuesday (23 September 2025), the 30-share S&P BSE Sensex was 0.42% lower at 81,811.76 points while the broader 50-share NSE Nifty 50 was down 0.43% at 25,095.50 points.
Fifteen of the 16 major sectors logged losses. The broader small-caps and mid-caps traded 0.5% lower each. The Nifty IT index, composed of IT firms that earn a bulk of their revenue from the US, slid 0.6%, extending Monday's 3% selloff. Indians made up 71% of approved H-1B holders last year.
"There is a bearish tone in the markets after the new H-1B visa fees as the move is likely to disrupt the Indian IT outsourcing model, Hariprasad K., research analyst and founder at Livelong Wealth, told Reuters.
Auto Stocks
The Nifty Auto index, meanwhile, jumped 1% to hit a record high, following reports of strong footfalls across dealerships on Monday, the first day of Navratri that coincided with GST 2.0 kicking.
Three of the top five gains on the Nifty 50 were all auto companies. India's largest carmaker, Maruti Suzuki India Ltd., topped the list with a 2.2% rise, hitting a lifetime high.
{{/usCountry}}Three of the top five gains on the Nifty 50 were all auto companies. India's largest carmaker, Maruti Suzuki India Ltd., topped the list with a 2.2% rise, hitting a lifetime high.
{{/usCountry}}Mahindra & Mahindra Ltd. rose 1% and Eicher Motors Ltd. added 1.4%.