Market Wrap: Sensex slips 386 points; Nifty dips below 25,100;

TATAMOTORS

sheds 3%,

BEL

down 2%

Indian benchmarks declined for the fourth consecutive session on Wednesday, weighed down by financials and IT counters, as concerns around U.S. H-1B visa norms kept investor sentiment jittery. The selloff was widespread, with sustained foreign fund withdrawals eclipsing expectations of a festive demand boost. The S&P BSE Sensex dropped 386.47 points, or 0.47%, to finish at 81,715.63, while the NSE Nifty 50 slipped 112.60 points, or 0.45%, settling at 25,056.90. On the Sensex, Tata Motors, Bharat Electronics, Ultratech Cement, Tech Mahindra, Mahindra & Mahindra, and Axis Bank were among the top laggards, sliding between 1% and 2.7%. IT stocks remained under pressure, with the sector gauge down 0.7% for the day and 4.3% lower since Washington introduced a $100,000 fee on new H-1B visa applications this past Sunday. The industry, heavily dependent on U.S. clients, often sends staff onsite for project execution. Adding to the concerns, U.S. authorities on Tuesday floated a plan to revamp the visa lottery system to prioritize higher-paid and more skilled applicants. Financial shares declined 0.6%, while automobile stocks gave up 1.2%, trimming part of their recent gains. Tata Motors fell 2.7% after extending downtime at a Jaguar Land Rover plant. The broader market also weakened, with smallcaps down 0.7% and midcaps slipping 1%. Investment in securities market are subject to market risks. Read all the related documents carefully before investing.