All But 2 IT Stocks Trade Weak: Trump Ruling On H1 B Visa Weighs

In Wednesday's deal (October 7, 2020), the Nifty at the time of writing was down almost 0.5%, and all of the stocks except two TCS and Mphasis were trading weak.

All But 2 IT Stocks Trade Weak: Trump Ruling On H1 B Visa Weighs

This is after US President Trump on Tuesday announced the interim rule that curbs H-1 B visa to protects jobs in the US. So, as per the new rules, there shall be more curbs imposed on regulations as proposed by Department of Homeland Security.

Also as expected there can be narrowing of the scope of specialty occupation. Further there can be more documentation required for companies to prove that they are in need of H1 B visa holders.

Also, TCS which will declare its results later today hit its 52-week high even as the overall market momentum at the start of the day was down as US calls of talk over the stimulus.

MindTree will also come up with its results on October 15 and also announce interim dividend.

Experts given the current high valuations warn of trading in these stocks cautiously despite revenues growth expected for these companies for Q2FY21.

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