Market indices reflect global concern even as India steps up US negotiations

New Delhi, Sep 22 (IANS) Indian benchmark indices closed lower on September 22, the decline attributed to sector-specific concerns and short-term profit booking after a prior rally.

Information technology stocks tumbled nearly 2 per cent after the US announced a USD 100,000 fee for new H-1B visa applications.

The move has raised concerns over the profitability and talent access for India’s USD 283 billion IT outsourcing sector.

Pharma stocks also contributed to the decline, snapping a two-session winning streak.

Domestic factors remained broadly supportive, with a healthy monsoon, improving credit growth, and low inflation, which mitigated deeper falls.

Positive developments may come later tonight from the US, with Commerce and Industry Minister Piyush Goyal in Washington with a high-level delegation.

New Delhi has stepped up its efforts to finalise a Bilateral Trade Agreement (BTA) as Goyal is expected to meet the US delegation in a few hours.

“The delegation plans to take forward the discussions with a view to achieving early conclusion of a mutually beneficial Trade Agreement,” said a ministry statement earlier.

The two countries have been holding BTA negotiations since February this year, but met with a bump when Washington postponed its team’s visit to India for the sixth round of bilateral trade talks scheduled for August 25-29.

However, a meeting between the US assistant trade representative for South and Central Asia, Brendan Lynch, and India’s chief negotiator, Rajesh Agrawal, in New Delhi on September 16 acted as an icebreaker.

“During the last visit of the team of officials from the office of the United States Trade Representative to India on September 16, 2025, positive discussions were held on various aspects of the trade deal, and it was decided to intensify efforts in this regard,” the ministry statement mentioned.

Expectations are high that a deal may likely be finalised even before winter sets in.

The high-level India-US trade talks have ignited expectations of a lowering of reciprocal duties and enhanced confidence in export-oriented and multinational sectors.

Meanwhile, External Affairs Minister S. Jaishankar, who was in New York to attend the United Nations General Assembly meeting, is set to meet US Secretary of State Marco Rubio on Monday for bilateral discussions.

US President Donald Trump's announcement of a USD 100,000 annual fee for H-1B visas, which was a source of concern among several Indian professionals, is likely to feature during their meeting.

India’s resilience and patience paid off with the US President and Prime Minister Narendra Modi of India exchanging pleasantries on social media earlier this month.

--IANS

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