IT Stocks Rally Despite Trump's US Visa Crackdown | Why Markets Aren't Worried About PERM Suspensions

Indian IT stocks are rising despite the Trump administration's suspension of major technology companies, including TCS, Infosys, Wipro, HCLTech and Cognizant, from the US Permanent Labor Certification Program (PERM). The move freezes new and pending PERM applications, a key step towards securing US permanent residency for foreign workers. Yet, the Nifty IT index and TCS shares opened higher, with investors also reacting to TCS's latest quarterly earnings. Why are markets shrugging off the US crackdown? TCS has also responded to the news, saying the move will have no material impact on its business and that its PERM applications have been in the single digits over the past two years. Market expert Mayuresh Joshi of William O'Neil India explains the sector's bigger challenges, including AI disruption, revenue growth and valuations.