The decision to hike U.S. H-1B visa application fee to $100,000, trade talks and the GST rate cut will be the key drivers for stock market movement this week, analysts said.

Besides, trends in global equity markets would also be tracked by investors.

“This week, markets will first react to the U.S. imposing an annual fee of $100,000 on H-1B visas, announced late on Friday (September 19, 2025). While export-driven sectors are already grappling with tariff-related pressures, this move could further weigh on IT services exporters at a sensitive time when trade negotiations remain underway,” Ajit Mishra – SVP, Research, Religare Broking Ltd, said.

Globally, investors will be closely monitoring the performance of U.S. markets in the aftermath of the Federal Reserve’s rate cut, he added.

Trouble mounted for the $285-billion Indian IT sector in its largest outsourcing market, as the U.S. decided to hike H-1B visa application fee to $100,000 (about ₹88 lakh), with apex body Nasscom warning that business continuity for onshore projects will be disrupted.

Notably, Indian tech professionals account for bulk of H-1Bs, over 70%.

“This move [the U.S. decision to hike H-1B visa application fee to $100,000] could sharply increase costs for U.S. clients and reduce demand for Indian tech talent, directly impacting the revenue visibility of large IT exporters such as TCS, Infosys, and Wipro,” Pravesh Gour, Senior Technical Analyst, Swastika Investmart, said.

On the domestic front, traders will also monitor rupee movement and crude oil prices, both of which remain key drivers for Indian equities, he added.

Meanwhile, Commerce and Industry Minister Piyush Goyal will lead an official delegation to the U.S. for trade talks on September 22, an official statement said on Saturday.

The delegation plans to hold talks with U.S. team to take forward discussions with a view to achieve early conclusion of a mutually beneficial trade agreement, it said.

During the last visit of the team of officials from the office of United States Trade Representative to India on September 16, positive discussions were held on various aspects of the trade deal, and it was decided to intensify efforts in this regard.

Prices of kitchen staples to electronics, from medicines and equipment to automobiles, will get cheaper from Monday as the reduced GST rates on about 375 items come into effect.

In a bonanza to consumers, the GST Council, comprising Centre and states, has decided to reduce tax rates on goods and services, from September 22 — the first day of the Navaratri.

Markets would also track trading activity of foreign investors. Foreign Institutional Investors (FIIs) bought equities worth ₹390.74 crore on Friday, according to exchange data.

On the global front, focus now shifts to key U.S. macroeconomic data, including GDP, manufacturing & services PMI, and PCE Price Index.

Vikram Kasat, Head – Advisory, PL Capital, said, “As India heads into the festive season, all eyes are on how markets digest recent GST rate cuts, evolving consumer demand trends, and the steady stream of IPOs that have kept primary market activity resilient despite global volatility.”

Last week, the BSE benchmark jumped 721.53 points or 0.88%, and the Nifty climbed 213.05 points or 0.84%.

Published – September 21, 2025 12:52 pm IST

The council had recommended reducing the GST rate on marble and travertine blocks, granite blocks, sand lime bricks and certain household commodities made of brass, aluminium and copper, among other things, from 12% to 5%. Image used for representative purpose only.
| Photo Credit: S. Harpal Singh

Image used for representative purpose only.
| Photo Credit: M. Periasamy

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