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Indian benchmarks muted as US visa worries offset consumption optimism
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Markets little changed after visa fee hikes offset festive demand strength.
India’s Nifty-50 and Sensex ended nearly flat today as optimism over festive demand and strong auto and finance stocks was tempered by concerns over the U.S. raising H-1B visa fees. The rupee slid to record lows amid worries around foreign inflows. Small-caps and mid-caps underperformed broader markets. IT stocks dropped sharply, weighed down by fears that higher visa costs will hit margins and contract wins tied to U.S. work-permit dependencies.