On September 22, the Indian stock market witnessed a decline for the second consecutive day. The Sensex closed down 466 points at 82,159.97, and the Nifty fell 124.70 points to close at 25,202.35. Due to pressure on IT, financial, and pharma stocks, investor wealth declined by approximately ₹1.24 lakh crore.
Closing bell: The Indian stock market started the week on a weak note on Monday, September 22. The Sensex closed down 466 points or 0.56% at 82,159.97, and the Nifty fell 124.70 points or 0.49% to close at 25,202.35. News of the increase in H1-B visa fees by the US put pressure on IT stocks. The BSE Midcap and Smallcap indices also dropped by 0.7%, leading to a loss of ₹1.24 lakh crore for investors.
Pressure on IT, Financial, and Pharma Stocks
Today, the highest pressure was observed on shares in the IT, financial, and pharma sectors. US President Donald Trump announced a manifold increase in H-1B visa application fees to $100,000, which is approximately ₹88 lakh. Following this decision, IT sector stocks witnessed a decline. However, partial recovery was also seen intraday after some clarifications emerged from the White House.
Sectoral Performance
Today, the Nifty IT index was the biggest declining sectoral index, closing down by approximately 2.7 percent. In contrast, the Power index showed strength, gaining 1.6 percent. The Oil & Gas index and Metal index registered a rise of 0.4 percent. The BSE Midcap and Smallcap indices also declined, closing 0.7 percent lower.
Significant Decline in Investor Wealth
The total market capitalization of BSE-listed companies decreased to ₹465.08 lakh crore on Monday. This was down from ₹466.32 lakh crore on Thursday, September 19. This means investor wealth declined by approximately ₹1.34 lakh crore in a single day.
Five Sensex Stocks Witnessed Gains
Today, 9 out of 30 Sensex stocks closed in the green. Eternal's share led the gains with a 1.55 percent increase. Additionally, shares of Bajaj Finance, Adani Ports, UltraTech Cement, and Axis Bank closed with gains ranging from 0.42 percent to 1.31 percent.
Major Sensex Losers
The remaining 21 Sensex stocks closed in the red. Tech Mahindra's share was the biggest loser, falling 3.20 percent. Meanwhile, shares of TCS, Infosys, HCL Tech, and Tata Motors saw declines ranging from 1.69 percent to 3.02 percent.
Distribution of Gaining and Declining Stocks
A total of 4,455 shares were traded on the Bombay Stock Exchange today. Of these, 1,778 shares closed with gains, while 2,507 shares closed with declines. 170 shares closed flat without any significant movement. Furthermore, 210 shares touched their new 52-week high during today's trading, while 66 shares touched their new 52-week low.
Experts stated that the announcement of increased H-1B visa fees was the primary reason for the pressure on IT company stocks. Additionally, weakness in the financial and pharma sectors also contributed to the market decline. Investors made partial purchases in sectors like Power, Oil & Gas, leading to slight gains in those areas.
