Sensex, Nifty to open lower on H-1B visa fee hike; IT stocks, Adani Green, Oil India, Power Grid shares in focus

Indian equity markets are set to start the week on a bearish note, led by information technology stocks, amid concerns over the H-1B visa fee hike announced by U.S. President Donald Trump’s administration. Investors will also keep an eye on U.S.-India trade negotiations, as Commerce and Industry Minister Piyush Goyal is scheduled to visit the United States today to accelerate talks on a bilateral trade agreement.

Weak trends in Gift Nifty Futures also indicate a gap-down opening for the benchmark indices, Sensex and Nifty. At 8:20 a.m., Gift Nifty was down 103 points, or 0.4%, at 25,332, suggesting a weak start for the Indian share market.

On Friday, President Trump issued a proclamation increasing the annual H-1B visa fee to $100,000, as part of his administration’s continued efforts to tighten immigration norms. The move is likely to impact earnings of Indian IT firms such as TCS, Infosys, HCLTech, Cognizant, LTIMindtree, and others, which collectively sponsor 13,396 H-1B visas.

“Markets will closely watch signals on a bilateral trade agreement and any prospects of tariff rollbacks. Constructive commentary could aid sentiment for exporters and IT companies, though the new H-1B visa fee dampens sentiment for onsite-heavy IT firms,” said Devarsh Vakil, Head of Prime Research at HDFC Securities.

Last week, the BSE benchmark Sensex gained nearly 0.89% to settle at 82,626, while the Nifty climbed 0.85% to 25,327 mark, as sentiment was buoyed by GST reforms and strong domestic macro data. In line with benchmark indices, the broader markets also ended in positive terrain, with midcap and smallcap indices managing to close with modest gains.

Shares to watch today

IT stocks: Shares of IT companies such as TCS, Infosys, Wipro, HCLTech, and Tech Mahindra will be in focus today after the U.S. government announced that the $100,000 H-1B visa fee will apply only to new applications.

Adani Green Energy : The company incorporated two wholly owned arms, Adani Ecogen One and Adani Ecogen Two.

Oil India : The oil major has signed a Joint Venture Agreement with Rajasthan Rajya Vidyut Utpadan Nigam (RVUNL) to set up 1.2 GW of renewable energy capacity in Rajasthan.

Power Grid Corporation of India : The state-owned company has been declared the successful bidder to establish an inter-state transmission system in Madhya Pradesh.

Shipping Corporation of India (SCI) : The company has entered into an MoU with BPCL, HPCL, and IOCL to jointly acquire, own, operate, and manage vessels.

Garden Reach Shipbuilders & Engineers (GRSE) : It has entered into five MoUs with strategic partners in the shipbuilding, port, and infrastructure sectors.

Godrej Consumer Products : The company has infused $85 million into its subsidiary Godrej Mauritius Africa Holdings to strengthen and deleverage its balance sheet.

Hariom Pipe Industries: The company has signed an MoU with the Government of Maharashtra to set up an integrated steel plant in Gadchiroli with a proposed investment of ₹3,135 crore.

RailTel Corporation of India : The PSU has secured a work order worth ₹18.06 crore from Dredging Corporation of India for providing seamless offshore internet connectivity to DCI vessels and ICCC.

PNC Infratech : The company has received a Letter of Acceptance (LoA) from Bihar State Road Development Corporation for a project valued at ₹495.54 crore.

Netweb Technologies India: The company has bagged an order worth ₹450 crore for supplying Tyrone AI GPU-accelerated systems.

Lupin : The U.S. FDA issued four observations to the company after it carried out a product-specific pre-approval inspection at its Pune Biotech facility between September 8 and 19.

Brigade Enterprises : Shruti Pai, Creative Director at Manipal Education and Medical Group International India, has invested ₹126 crore in the Brigade Twin Towers project in Bengaluru.

Swan Defence and Heavy Industries: The company has signed an MoU with the Gujarat Maritime Board for a strategic investment of ₹4,250 crore.

Housing & Urban Development Corporation (HUDCO): The company has entered into an MoU with NBCC (India) for the joint development of several projects, including a commercial plot in Ghaziabad (Uttar Pradesh).

Amber Enterprises India: IL JIN Electronics (India), a subsidiary of the company, has acquired full ownership of ILJIN Holding, an Israel-based entity, by purchasing a 100% equity stake from existing shareholder Gary Sussman.

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