Reduction in IT stocks following reports that the US changes work visa rules

Mumbai, Ta. November 22, 2019, Friday

The Indian stock market has seen a significant decline on the last trading day of the week following reports of China's president's statement on the IT sector's turmoil and trade war following reports that the US has changed the rules of work visas.

At the end of the day, the Sensex fell 215.74 points, or 0.53 percent, to close at 40,360 points. Similarly, the Nifty closed down 54 points, or 0.45 percent, to 11,915 points. This is the second consecutive day when the Sensex and the Nifty have fallen.

On Friday, the IT sector stocks saw a sharp decline. Talking of the BSE index, Infosys shares were down 2.89 per cent at Rs 693.15 at the end of the day. Similarly, TCS was down 2.20 per cent at Rs 2070.55.

Wipro shares closed 1.82% lower at Rs 243.05. The reason for the decline in IT sector stocks is that there are reports of massive changes in US work visa rules.

According to media reports, the American administration may change work visas for tourists. If this happens then it will have an impact on the Indian IT professional.

Meanwhile, Chinese President Xi Jinping made an important statement on the ongoing trade war with the United States. He has stated that he wants to work on a trade agreement with the United States but he is ready for any kind of conflict.