Indian stock market: Indian equities began Monday’s session on a weaker note, extending the previous round of profit-taking, with IT stocks weighing the most after the U.S. sharply increased the one-time H-1B visa fee to $100,000 ( ₹88 lakh). The move dampened sentiment in a sector that had only recently begun to recover.
At the opening bell, the S&P BSE Sensex declined 0.37 per cent to 82,323.62, down 302.61 points, while the NSE Nifty 50 slipped 0.26 per cent to 25,260, losing 67.05 points. By around 9:30 AM, the Sensex was trading 182 points, or 0.22 per cent, lower at 82,443, and the Nifty50 was down 40 points, or 0.16 per cent, at 25,288.
“Last week’s achievement of the 25400-600 objective, along with an evening star candle formation prompts us to look for a pull back instead of extending upside objectives right away. Favoured rest point is 24880-800. However, should slippages not stretch beyond the 25200-25000 region, we could as well be seeing a sideways move, followed by recovery attempts, though an outright penetration of 25669 is less expected,” said Anand James, Chief Market Strategist, Geojit Investments Limited.
(This is a developing story)
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