Weekly Market Wrap: ₹16 Lakh Crore Wiped Out as IT Stocks Drag NIFTY50 Lower
The equity benchmark indices finally broke their three-week winning streak and slipped sharply during the week ending September 26. The NIFTY50 lost 672 points (2.7%), while the Sensex tumbled 2,199 points (2.7%) — its worst weekly fall in six months.
On Friday, the market extended its losing run to the sixth straight session, closing deep in the red. The Sensex dropped 733 points to 80,426, while the NIFTY50 ended 236 points lower at 24,655.
Why the Sudden Fall?
Markets came under heavy दबाव (pressure) this week due to:
- A steep hike in U.S. H-1B visa fees,
- Persistent FII outflows, and
- Fresh tariff tensions triggered by U.S. trade policies.
The big shocker was President Donald Trump’s executive order, raising H-1B visa fees to $100,000 annually. This move is expected to hit Indian IT companies hard, as thousands of professionals working in the U.S. will be directly impacted.
Adding to the worries, the U.S. also announced 100% import tariffs on pharmaceutical drugs, alongside higher tariffs on furniture, trucks, and consumer goods starting October 1.
As a result, NSE-listed firms lost nearly ₹16 lakh crore in market cap during the week.
Top Losers & Gainers
Out of the NIFTY50, 43 stocks ended in the red. Major laggards included:
- Tech Mahindra (-9.4%)
- TCS (-8.5%) – its steepest fall in over five years
- Trent & Wipro (-8% each)
- Infosys (-5.9%)
- Jio Financial (-6.7%)
On the brighter side, a few names managed to shine:
- Maruti Suzuki (+2.7%)
- Axis Bank (+1.6%)
- L&T (+1.5%)
- Eicher Motors (+1.1%)
- Adani Enterprises, JSW Steel, ONGC, Hindalco – all with marginal gains
Sectoral Trends
The IT index nosedived 8%, logging its worst weekly drop in six months. Realty (-6.1%), Pharma (-5.2%), Consumer Durables (-4.6%), and Media (-2.7%) also dragged markets lower.
In IT, heavyweights like Coforge (-14.3%), Mphasis (-11.7%), and Persistent Systems (-10.1%) took massive hits.
Broader Market Check
The Nifty Smallcap 100 tanked 5.1%, underperforming large caps, while the Nifty Midcap 100 slipped 2.1%.
- Top Smallcap losers: Redington (-11.6%), IFCI (-10.8%), Laurus Labs (-10.7%), Piramal Pharma (-9.9%).
- Smallcap gainers: Hindustan Copper (+10.3%), Anant Raj (+6.1%), Kaynes Tech (+2.6%).
- Top Midcap losers: Coforge (-14.3%), Mphasis (-11.7%), Kalyan Jewellers (-10.9%), IREDA (-9.1%).
- Midcap gainers: AU Small Finance Bank (+3.4%), Muthoot Finance (+2.9%), HPCL (+2.2%).
Interestingly, despite the sharp fall, HSBC Global Research believes Indian equities are looking attractive again. Their note compared the situation to cricket:
“Valuations have corrected, inflation is easing, and earnings seem near bottom. The market is expected to return to form.”
In short, while this week was difficult for निवेशक (investors), analysts believe better days may not be too far if global headwinds ease.
