Mumbai | September 24, 2025 — Indian equities lost steam on Wednesday as global risk appetite stayed fragile and currency worries lingered. The Nifty 50 slipped to 25,057.75 (−0.43%) and the Sensex fell 0.45% to 81,729.17, with IT leading declines after fresh jitters around U.S. visa policies. Mid- and small-caps trailed, reflecting weak breadth as foreign selling stayed elevated.
What’s pressuring sentiment
A still-soft rupee kept risk in check: the currency hovered near record lows, trading around ₹88.74/$, not far from Tuesday’s all-time low of ₹88.7975. Dealers pointed to steady dollar demand from importers even as the RBI tempered volatility via spot and NDF markets. Weak Asian FX and lingering tariff/visa overhangs added to the caution.
IT stocks underperformed after reports highlighting a $100,000 H-1B fee and changes to selection norms—headwinds for onsite deployment and costs at Indian tech exporters. On Tuesday, FPIs sold ₹3,551 crore (~$400m), the single-day high for September, and foreigners remain net sellers month-to-date.
By the Numbers (close snapshot)
Key levels: 25,100 in focus
Intraday desks and technicians flag 25,100 as the first support, followed by 25,000; on the upside, 25,350–25,500 are seen as near-term resistances. Several broker notes emphasise 25,200 as a pivot—holding above it could open a push towards 25,350/25,500, while a break risks a drift to 25,100/25,000.
Sector texture
- IT: Led losses on visa-policy headlines; sensitivity to FX and U.S. demand remains high.
- Pharma/Healthcare: Offered relative resilience as defensives outperformed on a weak tape (trend seen across recent sessions).
- Financials: Traded soft amid ongoing FPI selling in financials through September and earlier outflow trends.
What could move markets next
- FX trajectory: Another test of ₹89/$ could tighten financial conditions and weigh on multiples; a calmer dollar/rupee would help stabilize risk.
- Flows: Sustained FPI outflows remain a headwind; India led Asia’s foreign equity outflows in August, and selling persisted into September.
- Policy headlines: Any updates around tariffs/visa fees will swing IT and export-heavy pockets.
Outlook
With the rupee heavy and foreigners still trimming risk, rallies may be sold into until support zones prove themselves. Traders are watching the 25,100–25,000 band for signs of demand absorption; a sustained hold above 25,200 could attempt a range push to 25,350–25,500. For now, expect range-bound trade with defensive rotation, headline-sensitive IT moves, and a premium on stock-specific triggers.
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