Closing Bell: IT Sell-Off Drags Markets for Second Session, Nifty IT Tanks 3%

Mumbai, September 22 (TNA) The Indian stock market indices fell for the second consecutive trading session on Monday as a heavy sell-off in IT stocks pushed the benchmark indices further into negative territory.

The Nifty IT index was the worst performer of the day, plummeting 3 per cent amid lingering investor concerns following the US administration’s move to impose a $100,000 fee on new H-1B visas—a development that threatens India’s IT sector’s core business model.

By market close, the Sensex had settled 466 points lower, and the Nifty fell below the 25,250 mark. Leading IT majors, including Tech Mahindra, Infosys, TCS, Wipro, and HCL Tech, saw declines ranging from 3 to 6 per cent.

The broader selloff also impacted the midcap and smallcap segments, with the Nifty MidCap and Nifty SmallCap indices turning negative. Other sectoral indices such as Pharma and Consumer Durables posted mild declines, though Nifty Realty, Media, and Metal managed to hold in the green.

Sector analysts warn that the sharply increased US visa fee for skilled foreign workers could force Indian IT firms to restructure existing operations, potentially favouring local hiring or shifting project delivery models outside the US. The indices’ slide comes after an already challenging year for IT stocks, with the Nifty IT index down nearly 16-18% so far in 2025