Indian stock markets ended the day in the red on September 22, dragged down by worries in key sectors and investors cashing in profits after a recent surge. The benchmark indices, including the Sensex and Nifty, slipped as concerns hit the IT and pharma spaces hard.
Tech stocks led the losses, dropping nearly 2 percent. This came right after the US announced a steep $100,000 fee for new H-1B visa applications—a move that’s sparking fears for India’s massive $283 billion IT outsourcing industry. Many Indian professionals rely on these visas to work in the US, and the higher costs could squeeze company profits and limit access to top talent.
Pharma shares joined the slide too, ending their two-day winning run and adding to the market’s gloom.
Still, not everything looked bleak at home. A strong monsoon season, rising credit growth, and tame inflation provided some cushion, keeping the downturn from going deeper.
Eyes are now turning to potential good news from the US. Commerce and Industry Minister Piyush Goyal is in Washington with a top Indian team, pushing hard for a Bilateral Trade Agreement (BTA) between India and the US. Talks could heat up soon, with Goyal set to meet American officials in the coming hours.
India’s government is ramping up efforts to seal this India-US trade deal. Negotiations kicked off in February, but hit a snag when the US delayed its visit for the sixth round of talks in late August. Things improved during a key meeting on September 16 in New Delhi between US Assistant Trade Representative Brendan Lynch and India’s chief negotiator Rajesh Agrawal.
A ministry statement noted that the discussions were positive, covering various trade aspects, and both sides agreed to speed things up. Many hope the BTA could wrap up before winter arrives, potentially cutting reciprocal duties and boosting confidence in India’s export sectors and multinational companies.
On the diplomatic front, External Affairs Minister S. Jaishankar wrapped up his UN General Assembly trip in New York and heads to meet US Secretary of State Marco Rubio on Monday. The new $100,000 H-1B visa fee is expected to come up in their talks, as it worries many Indian workers.
India’s steady approach seems to be paying off. Just earlier this month, US President Donald Trump and Prime Minister Narendra Modi shared friendly messages on social media, signaling warmer ties ahead.
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