(RTTNews) – Indian shares were little changed on Monday despite U.S. President Donald Trump’s decision to impose a hefty $100000 fee on H-1B visas to protect American jobs.
Analysts said the move could backfire on the United States and benefit India in the long run.
Former Niti Aayog CEO Amitabh Kant said that the 100,000 H-1B fee will choke U.S. innovation and turbocharge India’s.
“By slamming the door on global talent, America pushes the next wave of labs, patents, innovation and startups to Bangalore and Hyderabad, Pune and Gurgaon,” he wrote on X.
He argued that India now has an opportunity to harness the expertise of doctors, engineers and scientists who may otherwise have chosen to work in the U.S.
The benchmark BSE Sensex was down 112 points, or 0.1 percent, at 82,512 while the broader NSE Nifty index slid by 9 points to 25,318.
IT stocks were mostly lower, with HCL Technologies, Infosys, TCS and Tech Mahindra tumbling 2-4 percent.
Among the prominent gainers, Trent and Adani Ports both gained around 1 percent.
NTPC was slightly higher on news it is exploring the acquisition of uranium assets abroad to secure fuel supply for its upcoming nuclear projects.
Yes Bank rose 1.1 percent after CEO Prashant Kumar said there is room for a rating upgrade.
PNC Infratech gained 1 percent on securing a Letter of Acceptance (LOA) from the Bihar State Road Development Corporation for a project valued at Rs. 495.54 crore.
HUDCO advanced 1.6 percent after signing a pact with NBCC to execute four construction projects across India.
RailTel was marginally higher after securing a work order valued at Rs. 18.06 crore from Dredging Corporation of India.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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