The Bombay Stock Exchange Sensex on Tuesday fell 193.60 points to close at 27,655.96 and the National Stock Exchange Nifty slipped 71 points to settle at 8,561. The IT index was hit badly after reports suggested that United States President Donald Trump’s next executive order may clamp down on H-1B visa holders. The Economic Survey predictions of a GDP growth rate between 6.75% and 7.5% in the 2017-18 financial year also dampened the mood.
Investors were also circumspect ahead of the Union Budget, which will be tabled on Wednesday. “There is a bit of anxiety and so the market is playing it safe”, VK Vijayakumar, chief market strategist at Geojit BNP Paribas Financial Services told Reuters.
Apart from IT stocks, the oil & gas index slumped 1.89% while the PSU plummeted 1.49%. The major losers were TCS, GAIL and Infosys, reported The Hindu.
However, shares of Idea Cellular Ltd rose 45% to hit a high of Rs 112.90 after telecom giant Vodafone on Monday had said its Indian unit was in talks with Idea for a merger. Vodafone on Monday had said any merger would be effected through the issue of new Idea shares to Vodafone, and would “result in Vodafone deconsolidating Vodafone India”.