Top Gainers & Losers on Sep 23: Adani Total Gas, Adani Power, LT Foods, Coforge, Trent among top losers today

It was another lackluster day for the Indian stock market, as both frontline indices closed flat, with pressure from tech stocks continuing to weigh on sentiment amid concerns over the H-1B fee hike and a drop in select heavyweight banks, which offset gains in the auto sector

The broad-based weakness led the Nifty 50 to close 0.07% lower at the 25,182 level, while the S&P BSE Sensex finished at 82,149, down 0.05% from the previous close. The broader markets also ended lower, with the Nifty Midcap 100 and Nifty Smallcap 100 losing up to 0.60% each.

Last week’s market rally was put to the test after Donald Trump announced an increase in H-1B visa fees to $100,000, raising concerns that it could lead to higher costs and potential delays in deploying skilled workers to the US.

Some experts view this as a tax on the service sector, following the White House’s imposition of hefty tariffs on imported goods from major trading partners, including India. Meanwhile, analysts do not expect a major impact on earnings, as Indian companies have reduced their dependence on H-1B visas over the last decade, driven by US localisation and increased local hiring.

However, given IT companies muted top-line growth in recent quarters, the latest fee hike has created significant uncertainty for the sector, causing investors to stay away.

"Sentiment remains fragile as Trump’s proposed $100,000 ‘one-time payment’ H-1B visa fee and tariff threats weigh on hopes of an India-US trade deal, stirring anxiety in the Nifty IT index," said Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd.

Adani group stocks led the decline; Adani Power share price drops 4%

After remaining higher for two sessions, Adani group stocks came under pressure as investors appeared to lock in gains, sending major group companies sharply lower. Adani Total Gas share price emerged as the top laggard, losing 7.7% to ₹721 apiece, while Adani Power share price and AWL Agri Business each lost over 4%.

Select tech stocks also extended their losing run, with Coforge, Mphasis, and Tech Mahindra falling 2.8%, 2.7%, and 2.2%, respectively. LT Foods shares also suffered a 6% drop to ₹435 apiece, while Sammaan Capital closed lower for the second day, dropping 4.35% to ₹135.30 apiece.

Vedant Fashions, Bayer Cropscience, Godrej Consumer Products, 360 One Wam, Godfrey Phillips India, Kansai Nerolac Paints, PCBL Chemical, TBO Tek, and KPR Mill also closed with losses of over 2.3%.

Tata group stock Trent finished the session with a 2% cut at ₹4,905 apiece, while Reliance Power, Delhivery, Crisil, Anand Rathi Wealth, and Bharat Dynamics ended with cuts of over 2%.

Tata Investment Corp, GMDC, Vodafone Idea among top gainers

Gujarat Mineral Development Corporation (GMDC) led the winners’ list today, with the stock closing 10.7% higher at ₹625.6 apiece, followed by Tata Investment Corporation, which closed 10.4% higher at ₹8,138 apiece.

Vodafone Idea shares also remained strong, gaining 3.9% to ₹8.7 apiece. The stock has now rallied nearly 38% in September so far as investors await the Supreme Court’s decision on possible relief from certain AGR dues.

NLC India and Deepak Fertilisers & Petrochemicals Corporation were among the top performers, each rallying 4.4%. Metal stocks such as Hindustan Copper, Jindal Steel, and JSW Steel gained 3.7%, 2.9%, and 1.9%, respectively.

Similarly, banking stocks including IndusInd Bank, Axis Bank, Canara Bank, and State Bank of India rallied up to 3%. Auto stocks such as Ashok Leyland, MRF, Samvardhana Motherson, and Maruti Suzuki India also closed with gains of over 2%.

Disclaimer: This story is for educational purposes only. The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.