Stock Market LIVE: Nifty, Sensex Open Lower As Infosys, TCS Share Prices Slump

The Nifty 50 and Sensex were trading 0.12% and 0.26% down, respectively, as of 9:32 a.m. Catch live updates on Indian stock markets here on Sept 22.

IT stocks will likely be in focus in Monday's session. (Photo: Freepik)

Good morning, welcome to NDTV Profit's live blog for market coverage. The NSE Nifty 50 and BSE Sensex opened lower tracking a sharp decline in Infosys Ltd., Tata Consultancy Services Ltd., and HCLTech Ltd. IT stock slumped in reaction to the US President Donald Trump's proclamation to hike H1-B visa fee by $100,00.
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Nifty 50|Sensex| Stock Market Today: Garden Reach Shipbuilders Share Price Jumps 6%

Garden Reach Shipbuilders and Engineers share price jumped 5.94% to Rs 2,760 apiece. The company signed a series of MoU with strategic partners in shipbuilding, port and infrastructure sectors.

Stock Market LIVE: Afcom Holdings In Pact With Air India 

Afcom Holdings is in pact with Air India SATS Fo freighter operations at Noida International Airport, the company said in the exchange filing.

Stock Market LIVE: TCS Share Price Falls Over 3%

Tata Consultancy Services share price fell 3.29% to Rs 3,065 apiece. It was trading 2.14% down at Rs 3,100 apiece as of 9:32 a.m.

Nifty 50| Sensex| Stock Market LIVE: Infosys Share Price Falls 4%

Infosys Ltd. share price slumped 3.78% to Rs 1,482.00 apiece, the lowest price since Sept 9. It's the top detractors in the NSE Nifty 50 index.

Infosys share price was trading 2.48% down at Rs 1,502 apiece as of 9:28 a.m.

Sectoral Performance At Open: Nifty Slumps Nearly 3%

On National Stock Exchange, eight sectoral indices opened higher, six declined, and one remained flat out of 15.

Nifty Detractors: Infosys, TCS, Tech Mahindra Weigh

Infosys Ltd., Tata Consultancy Services Ltd., Tech Mahindra Ltd., HCLTech Ltd., and Bharti Airtel Ltd. shares weighed on the NSE Nifty 50 index.

Bajaj Finance Ltd., HDFC Bank Ltd., HDFC Bank Life Insurance Co., Adani Enterprises Ltd., and UltraTech Cement Ltd. limited losses to the NSE Nifty 50 index.

Nifty Sensex Today| Stock Market Today: Nifty, Sensex Fall 

Indian benchmark indices declined at open on Monday in reaction to US hiking visa fee on proscribed basis. Infosys Ltd., Tata Consultancy Services Ltd. share prices weighed on the Nifty 50 and Sensex.

The indices were trading 0.26% and 0.54% down, respectively as of 9:22 a.m.

Nifty 50|Sensex| Stock Market Today: ONGC Gets Govt Directive To Take Control Of All Data And Assets Of CB OS/2 Oil Block

Government directed Oil and Natural Gas Corp will take control of all data, assets associated with CB-OS/2 oil block.

The government said application for extension of PSC not accepted, the company said in the exchange filing.

LIVE: Yield On 10-Year Bond Opens Flat

  • The yield on the 10-year bond opened flat at 6.49%

Source: Bloomberg

LIVE: Rupee Opens Weaker Against US Dollar

  • Rupee opened 9 paise weaker at 88.19 against US Dollar

  • It settled at 88.10 on Friday

Source: Bloomberg

Nifty 50| Sensex| Stock Market LIVE: GCCs Can Partially Offset Indian IT Export Hit From H1-B Fee Hike, Says Emkay

The H-1B shock from the Trump administration and increasing uncertainty about US immigration policy could accelerate India's rapid move towards Global Capability Centres (GCCs) and lift GCC exports as a share of India’s total services exports over time, according to the top economist at Emkay Global.

Also Read: H-1B Visa Fee Hike: Global Capability Centres Can Partially Offset Hit On Indian IT Export, Says Emkay

Stock Market LIVE: JSW Cement Shares Rated 'Neutral' After Goldman Sachs Initiates Coverage

Goldman Sachs has initiated coverage on JSW Cement with a "Neutral" rating, setting a target price of Rs 147. This target price implies a potential downside of 1.5% from the current market price of Rs 149.30.

The firm’s cautious stance is based on the challenges JSW Cement faces in balancing aggressive growth with profitability and leverage. This comes into the picture, especially in an industry dominated by large, debt-free players like Ultratech and Ambuja Cement.

Also Read: JSW Cement Rated 'Neutral' By Goldman Sachs On Coverage Initiation — Here's Why Caution Is Advised

Stock Market LIVE: H-1B Visa Fee Hike Impact: Brokerages Predict 2-4% Earnings Hit For Indian IT Firms

Indian technology companies will likely see their operating expenses rise in the medium term after US President Donald Trump issued a proclamation to hike the visa fee of H-1B visas. Indian IT companies will also increase offshoring and local hirings as well, analysts and brokerages said.

Assuming one-third of H-1B employees are replaced with local hires, the impact on EBIT margin is likely to be 20–50 basis points and 2–4% on earnings per share, Dam Capital said.

Also Read: H-1B Visa Fee Hike Impact: Brokerages Predict 2-4% Earnings Hit For Indian IT Firms

H-1B Visa Fee Hike: No Cause For Concern? Indian IT Firms See 'No Material Impact'; Reduced Visa Reliance Key

Indian IT companies have moved quickly to reassure investors that there will be no material impact of Donald Trump's recently announced $100,000 fee for H-1B visa applications.

Several IT companies have confirmed to the exchanges that the steep increase will have no material or significant impact, with many highlighting reduced reliance on the visa programme and increased local hiring.

Also Read: H-1B Visa Fee Hike: Midcap Indian IT Firms See Little Concern, Reduced Visa Reliance Key

Pidilite Industries, Time Technoplast Bonus Issues: Last Day To Buy Shares To Qualify — Check Details

Pidilite Industries Ltd. and Time Technoplast Ltd. will be on the market radar on Monday as it marks the last session for investors to buy shares to qualify for the bonus issue of shares ahead of the record date.

Also Read: Pidilite Industries, Time Technoplast Bonus Issues: Last Day To Buy Shares To Qualify — Check Details

Gold Price Rises On Festive Demand — Check Rates In Delhi, Chennai, Other Cities

Gold prices are rebounding to levels above the Rs 1,10,000 mark driven by festive demand, geopolitical uncertainties and safe-haven demand.

In India, the prices were at Rs 1,10,430 per 10 gm on Monday, according to the India Bullion Association. The price was Rs 1,09,530 on Friday.

Gold prices had slipped further last week after the US Federal Reserve meeting. The commodity had hit a fresh record high of $3,707.57 on Wednesday ahead of the meet.

Also Read: Gold Price Rises On Festive Demand — Check Rates In Delhi, Chennai, Other Cities

Asia Markets LIVE: Nikkei 225, KOSPI Continue To Gain; CSI 300 Rises As China Holds Rate Steady

Markets in China advanced after the People's Bank of China held rate steady. The CSI 300 was trading flat at 4,500 as of 7:10 a.m.

Japan's benchmark index Nikkei 225 and South Korea's stock gauge KOSPI continued to gain. The indices were trading 1.35% and 0.72% higher, respectively as of 7:11 a.m.

Also Read: Asian Shares Rise As Japan Rallies, Dollar Gains: Markets Wrap

LIVE: GIFT Nifty Suggests Tepid Open; GRSE, Infosys Shipping Corp, NBCC Share Prices In Focus

The GIFT Nifty was trading 0.05% or 14 points higher at 25,369.50 as of 6:31 a.m. This implied a tepid open for the NSE Nifty 50 index.

Market participants will keep an eye on Garden Reach Shipbuilders and Engineers Ltd., Shipping Corp Ltd., Infosys Ltd., and NBCC (India) Ltd. in Monday's session.

The NSE Nifty 50 and BSE Sensex snapped a three-day winning streak on Monday. The indices were trading 0.38% and 0.47% down, respectively on Friday.

Also Read: Trade Setup For Sept 22: Nifty Likely To See Third Week Of Gains, Key Resistance At 25,600

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WRITTEN BY
Ananya Chaudhuri
Ananya Chaudhuri covers financial markets news and trends at NDTV Profit. S... more
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