FX.co ★ Sensex Ends at 1-Week Low

On Monday, India's BSE Sensex index fell approximately 0.6% to close at 82,160, its lowest level in a week, and extending its losing streak into a second day. Investor confidence was rattled following the Trump administration's introduction of a contentious H-1B visa policy, which imposes a one-time fee of USD 100,000 on new applicants. This development is perceived as a significant setback for India’s tech sector, leading to declines in IT stocks due to apprehensions about its potential impact on the profitability of outsourcing companies. Additionally, market participants were anticipating India's PMI data release on Tuesday, as well as a slew of critical US economic indicators and the FOMC meeting minutes expected later this week. In trade matters, attention is focused on India's Trade Minister, Piyush Goyal, who is scheduled to visit Washington today to advance discussions on a trade deal that has been long pending. In equities, Tech Mahindra, TCS, and Infosys experienced notable declines, falling between 2.6% and 3%, whereas Eternal (+1.6%), Bajaj Finance (+1.3%), and Adani Ports (+1.2%) emerged as the leading gainers.