After opening the day on a positive note, share markets in India have continued the momentum and are trading comfortably above the dotted line. All sectoral indices are trading on a positive note. Stocks in the power sector and stocks in the PSU sector are leading the gains.
The BSE Sensex is trading up by 83 points (up 0.3%), and the NSE Nifty is trading up by 15 points (up 0.2%). Meanwhile, the BSE Mid Cap index is trading up by 0.3%, while the BSE Small Cap index is trading up by 0.4%. The rupee is trading at 64.48 to the US$.
In news from stocks in the IT sector. US President Donald Trump is set to sign an executive order that would tighten the process of issuing the H-1B visas and seek a review of the system for creating an entirely new structure for awarding these visas, the most sought-after by Indian IT firms and professionals.
The US$ 115 billion software services sector in the country will possibly have to deal with fresh restrictions as Trump’s latest order reinforce the US government’s intention to prevent the abuse of the H1B work visa system and said the system should help US companies in hiring highly skilled foreign workers when there is a shortage of skilled employees in the country.
The order is an attempt by Trump to carry out his “America First” campaign pledges to reform US immigration policies and encourage purchases of American products.
The number of applications for H-1B visas fell to 199,000 this year from 236,000 in 2016, according US Citizenship and Immigration Services.
The executive order that could signed by President Trump would call for the strict enforcement of all laws governing entry into the United States of labour from abroad, for the stated purpose of creating higher wages and higher employment rates for workers in America.
The US opened the window to invite applications for 85,000 H1B visas it plans to issue for 2018.
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