Mumbai | September 24, 2025 — Indian equities ended lower on Wednesday, extending the losing streak as global risk sentiment stayed cautious and fresh worries around U.S. visa policies weighed on tech-heavyweights. The NSE Nifty 50 closed near 25,050 (-~0.4% to -0.5%), while the BSE Sensex shed about 386 points to end around 81,716. Intraday updates through the session pointed to persistent foreign selling and a soft rupee backdrop, keeping risk appetite muted.
Sector texture: pharma steadier; IT pares early hit
Through the day, pharma shares were among the relatively steadier pockets and, by the closing bell, were cited as one of the few areas showing modest gains or resilience as broader breadth stayed negative. IT—the early laggard on renewed U.S. H-1B visa fee concerns—managed to trim part of its intraday decline into the close even as the pack remained mixed, helping limit some of the index downside versus the morning swoon.
Behind the tone: the U.S. move to sharply hike application fees and tweak selection rules for H-1B visas stoked worries around onsite deployment costs and margin optics for Indian tech exporters—hence the initial underperformance. Still, bargain-hunting in a few large-caps helped IT stabilize off the lows.
By the Numbers (Sept 24, 2025 close snapshot)
| Metric | Comment | |
|---|---|---|
| Nifty 50 | ~25,050–25,057 | Down ~0.4–0.5% on the day. |
| Sensex | 81,716 | −386 pts at close. |
| Nifty Bank | ~55,1xx | Banks remained weak intraday. |
| Rupee (USD/INR) |
88.69 | Firmer vs 88.75 prior, but near record lows. |
| Breadth | Negative | Broader indices under pressure. |
Note: Index prints are end-of-session snapshots; intraday feeds across venues can vary slightly.
What drove the day
- Visa-policy overhang: Reports of a steep $100,000 H-1B fee and process changes reinforced caution in export-oriented IT, pressuring indices at the open before some stabilization later.
- Foreign flows & FX: Data pointed to sizeable FPI outflows mid-week. While the rupee edged a touch firmer on the day, it remains close to record lows, keeping import-cost and policy-watch narratives alive.
- Macro cross-currents: Global headlines around policy and trade, plus the recent reset in risk assets, kept traders defensive, with rotations into defensives like pharma offering relative shelter.
Stocks and spaces to watch
Defensives—pharma/healthcare—screened better on a tough tape. IT may stay headline-driven: while valuations have corrected from peaks, further moves in U.S. policy or dollar strength could sway the day-to-day. Financials and rate-sensitives faced steady supply, underscoring the market’s sell-the-rally bias this week.
Risks & near-term levels
- Flows: Another day of heavy FPI selling would keep rallies shallow.
- Policy headlines: Any new visa/tariff updates can quickly rotate leadership.
- FX & crude: With USD/INR hovering near extremes, spikes in crude could re-ignite inflation worries.
On levels, traders continue to watch Nifty 25,000 as a short-term pivot with 25,300–25,400 as initial resistance if risk tone improves. (These zones were referenced by intraday desks over the last two sessions.)
Outlook
The day’s action reinforced a familiar pattern: weakness on the screen, but select defensives (pharma) and stabilizing heavy-weights (IT) can still cushion the fall when macro noise spikes. Until flows and FX settle, expect range-bound trade with sector rotations and a premium on stock-specific catalysts.
