Stock Market Ends Lower After Volatile Session Amid IT Selloff, H-1B Visa Concerns

The IT stocks dragged the market in the early trade after the US administration announced $100,000 fee for new H-1B visas. However, the market rebounded quickly, buoyed by GST reforms that came into effect from Monday.

Sensex ended the session at 82,159.97, down 466.26 points or 0.56 per cent. The 30-share index started the session in red at 82151.07 against last session's closing of 82,626.23 amid a sharp decline in IT stocks. However, the GST reforms that came into effect from Monday restricted the index from dragging further.

Nifty closed at 25,202.35, down 124.70 points or 0.49 per cent.

"The day began on a weak footing, as negative global cues and concerns over the $100,000 H-1B visa fee for new applicants dampened sentiment. Benchmark indices opened with a gap-down start, mirroring the cautious mood in global markets. Despite the weak opening, the market quickly filled the gap and attempted a recovery," Ashika Institutional Equities said in its note.

However, selling pressure resurfaced, dragging the Nifty to its intraday low as profit-booking dominated the latter half of the session, the note added.

Tech Mahindra, TCS, Tata Motors, Trent, HCL Tech, Sun Pharma, SBI, L&T, ITC, BEL, Maruti Suzuki and Kotak Bank were the top losers from the Sensex basket. While Eternal, Bajaj Finance, Adani Ports, Ultratech Cement, Hindustan Unilever, and Axis Bank settled higher.

The majority of Sectoral indices ended the session in negative territory amid selling pressure. Nifty Bank fell 174.10 points, Nifty Auto slipped 65 points or 0.24 per cent, Nifty FMCG settled 266 points or 0.47 per cent lower, and Nifty IT closed 1078 points or 2.95 per cent lower.

The broader market followed suit as well. Nifty Small Cap 100 dipped 215 points or 1.17 per cent, Nifty Midcap 100 fell 394 points or 0.67 per cent, and Nifty 100 ended the session 91 points or 0.35 per cent lower.

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