Mumbai | September 24, 2025 — Indian equities slipped for a fourth straight session on Wednesday, with tech stocks dragging and risk appetite still fragile. The Nifty 50 closed at 25,057.75 (−0.43%) and the Sensex at 81,729.17 (−0.45%), extending the losing run as traders grappled with weaker global cues, a heavy rupee and foreign selling.
What’s pressuring sentiment
At the center of the move: the U.S. H-1B visa shock and ongoing rupee weakness. Indian IT names fell after the U.S. unveiled a $100,000 fee for new H-1B applications and floated a selection process tilt toward higher-paid roles—policies that could raise onsite costs and complicate staffing for Indian exporters.
Meanwhile, the rupee hovered near record lows, around ₹88.7–88.8 per dollar, just a whisker from Tuesday’s all-time trough ₹88.7975. Dealers pointed to steady corporate dollar demand even as the RBI was seen tempering volatility across spot and offshore (NDF) markets.
Adding to the caution, foreign portfolio investors (FPIs) remained net sellers. On Tuesday alone, FPIs sold ₹3,551 crore (~$400m)—the largest single-day outflow of September—and September’s month-to-date FPI tally was running near $1 billion of net outflows by mid-week.
By the Numbers (close snapshot)
Sector moves
IT led declines (about −0.9% intraday) on the visa-policy overhang, while broader market breadth stayed negative. Weak Asian FX and an only modestly firmer dollar added to risk aversion across the region, keeping India tethered to global swings.
Key levels to watch
Traders are eyeing Nifty 25,100 as initial support, with 25,000 next if weakness extends. On the upside, 25,350–25,500 loom as near-term resistance bands. Holding above the 25,200 pivot would help the index attempt a push back toward those ceilings; a sustained slip below 25,100 risks a test of 25,000.
Why this matters
The alignment of policy uncertainty (H-1B), a heavy rupee and FPI selling tightens the market’s risk-reward in the near term. A deeper IT drawdown tends to weigh disproportionately on the Nifty due to the sector’s hefty index weight. If the rupee retests ₹89/$ and outflows persist, rallies may be sold into; conversely, a steadier FX tape and calmer headlines could stabilize risk.
Outlook
Expect range-bound trade with a sell-on-rallies bias until supports are proven. Near-term direction hinges on USD/INR trajectory, FPI flow trend, and any clarity on U.S. visa rules. For stock pickers, discipline around position sizing and a tilt to balance-sheet strength/defensives can help bridge the headline noise.
