# US Midterm Results: What They Mean for Indian IT Stocks > Democrats have won both houses of the US Congress, per AP. Nifty IT fell 1.5% on 4 Nov 2026 while the Nifty 50 rose 0.63%. What is called, what is pending, and how H-1B, the HIRE Act, tariffs, AI and the rupee could hit Indian IT. - **Published**: 2026-11-04 - **Modified**: 2026-11-04 - **Category**: ipo - **URL**: https://www.tldr.money/articles/ipo/us-midterm-results-indian-it-stocks --- Americans voted on Tuesday 3 November, and the results came in during Indian trading hours on Wednesday. This page explains, in plain English, **what has been called and what is still pending**, **how Indian IT stocks reacted**, and **how a Democratic Congress could affect Indian IT through visas, outsourcing taxes, tariffs, AI and the rupee**. For the other big story on Dalal Street this week, see [why Reliance shares jumped 11.6%](/articles/ipo/reliance-share-price-jump-nov-4). **Last updated: 4 November 2026, 16:10 IST (Asia/Calcutta).** US results are as of 15:56 IST. Indian prices are **at close, 4 Nov** (the market closed at 15:30 IST). The India 10-year bond yield is an intraday reading (11:30 IST), and FII/DII flows are for 3 Nov because NSE had not yet published provisional data for 4 Nov. Changes marked "our calculation" are worked out by us from the cited figures. > **Educational content, not investment advice.** tldr.money is not a SEBI-registered investment adviser or research analyst. Nothing here is a recommendation to buy, sell or hold any security. Speak to a SEBI-registered adviser if you need personal advice.
- **Result:** AP projects **Democrats win both the Senate and the House**. Seat counts are still being tallied. - **Indian IT:** Nifty IT closed **down 1.50%** on 4 Nov, with TCS −2.52% and Infosys −1.73%. The Nifty 50 rose 0.63%. - **Why:** US AI stocks slid on fears that Democratic wins mean tighter rules on data centres. - **The big picture:** the US buys **54.1%** of India's software services exports (RBI). A split government makes new anti-outsourcing laws harder to pass. Tariffs and visa rules still mostly sit with the president. - **Timing:** the new Congress starts on **3 January 2027**. Until then, nothing changes in law.
## What is called, and what is still pending?
As of 15:56 IST on 4 Nov 2026: Senate D 54, R 44 (33 of 35 races called), House D 228, R 139 (367 of 435 called), governors D 28, R 20 (34 of 36 called). AP projects Democratic control of both chambers. The new Congress starts 3 Jan 2027.
**Called (by AP):** - **Senate: Democrats.** Republican Susan Collins conceded in Maine (AP, NPR). - **House: Democrats**, giving the party unified control of Congress (AP). - **Texas governor: Democrat Hinojosa** beat Greg Abbott (AP). This matters for AI, as we explain below. - **Texas Senate: Democrat James Talarico** flipped the seat, beating Republican Ken Paxton (AP). **Projected or pending:** - **Exact seat counts.** The Guardian's AP tracker shows the Senate at 54-44 as of 15:56 IST. Earlier on 4 Nov, ABC News projected 52-42 and CBS said the size of the majority was not yet known. NBC News projects about 252-255 Democratic House seats. - **Uncalled races:** two Senate seats, including **Alaska**, where Republican Dan Sullivan led Democrat Mary Peltola 48.5% to 47.7% with no call made, and 68 House seats (The Guardian, AP data, 15:56 IST).
US results are not certified on the night. News organisations like AP **call** a race when they judge the trailing candidate cannot catch up. A **projection** is an estimate of the final total, such as how many seats a party will end up with. Official certification by each state comes weeks later.
Democrats now control **Congress** (both houses), but Republican **Donald Trump** is still president until January 2029. So Washington has a **divided government**: Congress can block Trump's bills, and Trump can veto Congress's bills. Executive actions, such as tariffs and visa proclamations, still start in the White House.
## How Indian markets reacted on 4 November The market opened slightly higher. Reuters reported the Nifty 50 up 0.1% at 23,840.15 at 9:17 IST. By late morning it had slipped into the red, and **IT was the worst sector**. News18 had Nifty IT down 1.74% and TCS down 2.41% around 11 am, while ITC gained 2.82% and defence maker BEL 2.55%. The market then recovered: the Nifty 50 closed 0.63% higher at 23,960.60, its fifth straight gain, and the Sensex 0.50% higher at 77,301.40. Nifty IT was the only sectoral index to end lower (ET Now, Zee Business).
At close, 4 Nov 2026 (NSE, BSE): Nifty 50 23,960.60 (+0.63%); Sensex 77,301.40 (+0.50%); Nifty IT 32,061.90 (−1.50%); USD/INR 94.64 (Reuters). FIIs net bought INR 6,836.81 crore on 3 Nov. India 10-year yield 7.2594% at 11:30 IST.
At close, 4 Nov, vs the 3 Nov close: Mphasis −2.64%, TCS −2.52%, HCLTech −2.37%, Wipro −1.74%, Infosys −1.73%, Nifty IT −1.50%, Persistent −0.52%, Tech Mahindra −0.34%, LTIMindtree −0.19%, Coforge −0.04%; Nifty 50 +0.63%.
Three things to notice: - **The large caps fell most.** TCS and HCLTech were among the Nifty 50's biggest losers, and only Mphasis fell more of the stocks shown here. The mid-sized names (Persistent, Coforge, LTIMindtree) fell less than 1%. - **It followed a big rally.** Nifty IT rose about 18% in October (Economic Times, 1 Nov), and the Sensex jumped 1,226 points to 76,917.85 on 3 November after four days of gains (Reuters, News18). Some selling looks like profit-taking. - **Foreign money had been coming back.** FIIs net bought **INR 6,836.81 crore** on 3 November, their biggest single day of 2026, and more than INR 13,500 crore over three sessions (NSE provisional data via CNBC-TV18). DIIs sold a net INR 3,678.85 crore that day. Provisional figures for 4 Nov had not been published when we updated this page.
Indian prices on this page are **at close, 4 Nov** (the market closed at 15:30 IST). The India 10-year bond yield is an intraday reading (11:30 IST), and FII/DII flows are for 3 Nov. Check NSE or BSE before you rely on them.
## Why US politics moves Indian IT The short answer: **most of the money comes from America**.
The US bought $119.7 billion of India's $221.4 billion software services exports in FY26, or 54.1%, up from 52.9% in FY25 (RBI survey).
RBI's latest survey shows the US share **went up**, not down, during the trade war. At company level, North America was **48.3%** of TCS's revenue in Q2 FY27, and banking and financial services (BFSI) clients were **32.8%** (TCS results release). ## Channel 1: AI, data centres and the overnight sell-off This is what moved stocks today. - **Data centres sit in the swing states.** Wells Fargo estimates **27%** of planned US data-centre capacity (in gigawatts) is in **Texas**, 7% in Georgia and 5% each in Ohio and Pennsylvania. Texas's governor-elect Hinojosa has backed a data-centre moratorium. Wells Fargo's Ohsung Kwon had flagged a Democratic win in Texas as a major risk for the AI trade ([CNBC](https://www.cnbc.com/2026/11/04/ai-stocks-texas-governor-data-centers.html)). - **AI stocks fell.** CoreWeave fell about 7% and Oracle about 4% overnight, and Nasdaq-100 futures fell as much as 2% (CNBC, NBC News). JPMorgan had warned that a Democratic sweep could trigger an AI sell-off on expectations of tighter regulation, and Evercore's Sarah Bianchi described the result as a "blue tsunami" ([NBC News](https://www.nbcnews.com/business/markets/stock-futures-blue-tsunami-ai-boom-rcna607351)). - **The money involved is huge.** J.P. Morgan Global Research expects about **$900 billion** of AI capex in 2026, rising to $5.5 trillion cumulatively by 2030 ([J.P. Morgan](https://www.jpmorgan.com/insights/global-research/artificial-intelligence/ai-capex)). **What it means for Indian IT.** Indian IT firms do not build data centres, so they have little direct exposure to capex curbs ([Outlook Business](https://www.outlookbusiness.com/markets/global-ai-selloff-indian-it-rally-whats-driving-the-divergence)). But AI cuts both ways for them: - **Deflation:** Kotak estimates AI is causing price deflation of about 7% gross (3.5% net) on existing work (Economic Times). - **New deals:** TCS says its annualised AI revenue reached **$3.1 billion** in Q2 FY27, more than 10% of revenue. If tighter US rules slow AI spending, Indian IT could lose some new AI work but face slower price deflation on old work. Nobody knows yet which effect would be bigger. ## Channel 2: H-1B visas and the HIRE Act
A Republican Senate bill proposes a **25% excise tax** on US companies' payments for outsourced work and removes the tax deduction for them. **It is not law.** Bills that do not pass before the new Congress starts must be reintroduced ([Moneycontrol](https://www.moneycontrol.com/news/business/us-midterms-2026-why-a-proposed-25-outsourcing-tax-matters-for-india-s-it-industry-14066103.html)).
India-born workers received **69.9%** of approved H-1B petitions in FY2025 (USCIS, via Mint). Judge Gilliam blocked the $100,000 fee, and a separate ruling in Boston called it an unlawful tax. A Democratic Congress can refuse to make it law, but **cannot cancel proclamations on its own**, and Trump keeps his veto ([Mint](https://www.livemint.com/news/us-news/us-midterm-election-results-impact-on-h-1b-visa-what-republican-or-democratic-control-could-mean-for-indians-11793760000081.html)).
**Divided vs unified Congress, in one line each:** - **If Republicans had kept both houses:** bills like the HIRE Act would have had a clearer path to Trump's desk. - **With Democrats running Congress (the projected result):** Republican-sponsored outsourcing taxes are harder to pass. News18 argued a split government gives Indian IT "stability" against visa and outsourcing bills ([News18](https://www.news18.com/world/us-midterms-why-a-divided-congress-could-be-good-news-for-indian-it-giants-ws-lrt-10395115.html)). But anti-outsourcing ideas could still return in other forms, and the White House can still act on visas. Local politics matters too. Indian companies reported **12,188** employees in Ohio and **13,945** in Georgia in CII's 2023 *Indian Roots, American Soil* survey, both states where Democrats won Senate seats. ## Channel 3: Tariffs and trade India's trade talks with the US are stuck. The February framework set an **18%** reciprocal tariff for India; the US Supreme Court later struck down the emergency-power tariffs, leaving a **10%** baseline. USTR Jamieson Greer says a deal is "not imminent", and Finance Minister Nirmala Sitharaman says talks have reached a "plateau" ([Indian Express](https://indianexpress.com/article/world/us-news/us-midterms-2026-democratic-win-impact-india-trade-h1b-10937930/)). Before the vote, Emkay Global laid out three scenarios and gave the most likely one 60% odds, with 30% and 10% for the others (Economic Times). After the results, Emkay said the midterms are unlikely to ease the pressure that high crude oil prices put on Indian markets (Daily Jagran, 4 Nov). Either way, tariffs are set by the White House, and a Democratic Congress can question them but not easily undo them. IT services are not tariffed, but tariffs that slow US growth can squeeze client tech budgets. ## Channel 4: The Fed, rates, the dollar and the rupee - **US yields and the dollar:** before the open, BusinessLine reported the US 10-year yield at **4.92%** and the dollar index at **101.5**. - **India's bonds:** the 10-year yield was **7.2594%** at 11:30 IST (ET live blog). - **The rupee:** it closed at **94.64** per dollar, slightly stronger than 94.74 the day before (Reuters), after PTI reported it **14 paise stronger at 94.61** in early trade. See [NRE vs FCNR deposits as the rupee falls](/articles/fire/nre-vs-fcnr-deposit-rupee) for what currency moves mean for NRIs. How this reaches IT: a **weaker rupee** raises the rupee value of dollar revenue, which supports margins (Kotak, via Moneycontrol). **Lower US rates** tend to help banks' tech budgets, and BFSI is the biggest client group (32.8% of TCS revenue). If a divided government means more budget fights and slower growth, US rates could fall faster; if it means more spending, rates could stay high. That depends on the Federal Reserve, not Congress, and is unknown today. For how Indian rates reach your loans and deposits, see [repo rate hike and your home loan EMI](/articles/loans/repo-rate-hike-home-loan-emi) and [FD rates are rising](/articles/banking/fd-rates-rising-lock-in-now). ## Channel 5: Defence and energy Oil is still the bigger story for India. Brent was about **$104.80** a barrel before the open (BusinessLine), and Reuters said investors were watching the Middle East and energy as closely as the US vote. Defence stock BEL was among the top gainers on Wednesday morning (News18). For how oil and refining shaped another big stock this week, see [Reliance Q2 FY27 results explained](/articles/ipo/reliance-q2-fy27-results-explained). ## What brokerages and analysts are saying
HIRE Act: pending, must be reintroduced from January; harder to pass in a split government. H-1B fee: blocked by courts; Congress cannot cancel proclamations alone. Tariffs: set by the White House. AI: higher-regulation fears (JPMorgan). Budget fights: shutdown risk.
- **Wells Fargo (Ohsung Kwon):** a Democratic win in Texas is a major risk for the AI trade, given the state's share of planned data centres (CNBC). - **JPMorgan:** warned a Democratic sweep could bring an AI sell-off on expectations of tighter regulation (NBC News). - **Evercore (Sarah Bianchi):** called the result a "blue tsunami" (NBC News). - **Emkay Global:** three scenarios with 60/30/10 odds before the vote; after it, said crude oil pressure on Indian markets is unlikely to ease (ET, Daily Jagran). - **Geojit (V K Vijayakumar)** and **Master Capital (Ravi Singh)** commented on the result's market effect in the BusinessLine and Economic Times live blogs. - **Jefferies:** Indian IT's aggregate Q2 revenue grew 1.7% in constant currency (Economic Times). - **Kotak Institutional Equities:** about 7% gross and 3.5% net AI-driven price deflation (Economic Times). - **Raamdeo Agrawal (Motilal Oswal):** Indian IT needs to "rediscover its growth model" (Business Today). ## Scenarios from here These are **scenarios, not predictions**. Each depends on things we cannot know today.
Congress and the White House block each other. No new outsourcing tax or visa law; tariffs stay roughly where they are. For Indian IT this is close to the status quo, and the AI deflation story matters more than Washington.
Both sides compromise on budgets and trade. A US-India trade deal becomes more likely, and steadier US growth supports client budgets. This would be the most comfortable outcome for IT spending, but USTR says no deal is imminent.
Government shutdowns (a risk flagged by CNBC-TV18) and a deeper AI sell-off. US government and bank tech projects could be delayed, and risk-off selling usually hits IT stocks hardest.
## Risks to watch
The current Republican Congress sits until 3 January 2027. Bills can still move in that window, though none affecting IT has been reported as scheduled.
H-1B rules can change by proclamation or regulation without Congress. Court cases on the $100,000 fee are still running.
Governors and state legislatures decide data-centre permits. Texas, home to 27% of planned US data-centre capacity (Wells Fargo), elected a Democratic governor who backs a moratorium.
Emkay says the midterms are unlikely to ease crude oil pressure on Indian markets. Brent was near $105 a barrel on Wednesday (BusinessLine).
Election days bring sharp, headline-driven moves. If you trade futures or options on them, losses can exceed what you put in. One day's fall says little about whether a company is good value over years.
## What it means for you - **If you hold IT stocks or IT funds:** the US result changes the policy backdrop slowly, from January. Company results, deal wins and AI pricing will matter more over a year than one day's fall. - **If you invest through SIPs or index funds:** IT is a sizeable part of the Nifty 50, so days like this show up in your NAV. Long-term plans, such as a [FIRE number](/articles/fire/how-to-calculate-your-fire-number-india) or a [safe withdrawal rate](/articles/fire/safe-withdrawal-rate-india), are built to ride out such days. - **If you are weighing gold instead:** see [gold at a 10-month low: buy, wait or average in?](/articles/fire/gold-10-month-low-buy-wait-average-in). None of this is advice from us. ## Related guides - [Why Reliance shares jumped 11.6% and what 4 Nov could bring](/articles/ipo/reliance-share-price-jump-nov-4): the other big market story this week - [Reliance Q2 FY27 results explained](/articles/ipo/reliance-q2-fy27-results-explained): oil, Jio and retail in numbers - [Is Reliance Industries a good buy?](/articles/ipo/is-reliance-industries-a-good-buy): the bull and bear case - [Gold just fell to a 10-month low](/articles/fire/gold-10-month-low-buy-wait-average-in): buy, wait or average in? - [Safe withdrawal rate for India](/articles/fire/safe-withdrawal-rate-india) and [Coast FIRE explained](/articles/fire/coast-fire-explained-india) - [NRE vs FCNR deposit: which wins as the rupee falls?](/articles/fire/nre-vs-fcnr-deposit-rupee) - [IPOs in India](/ipo): our full IPO and markets coverage ## Sources Links accessed 4 November 2026. Times are IST unless stated. **US results** - AP, "Democrats win the US House and take unified control of Congress" and Senate call, 4 Nov 2026: [apnews.com](https://apnews.com/article/midterm-election-house-senate-democrats-republicans-trump-f126e12e05b579a327b98481c0ae2226), [AP live](https://apnews.com/live/midterm-election-2026) - The Guardian, live results (AP data), as of 15:56 IST, 4 Nov 2026: Senate 54-44 (33/35), House 228-139 (367/435), governors 28-20 (34/36), Alaska Senate uncalled (Sullivan 48.5%, Peltola 47.7%): [theguardian.com](https://www.theguardian.com/us-news/ng-interactive/2026/nov/03/midterm-elections-full-results-senate-house-governor-races) - AP, "Democrat James Talarico flips a US Senate seat in Texas", 4 Nov 2026: [apnews.com](https://apnews.com/article/texas-senate-talarico-paxton-midterm-election-66df71a7c2bfa962cffd4134ef1a0364) - NPR, balance of power (AP calls, Senate flips): [npr.org](https://www.npr.org/2026/11/03/g-s1-149526/2026-midterms-congress-balance-of-power) - NBC News, Democrats win House, about 255 seats projected: [nbcnews.com](https://www.nbcnews.com/politics/2026-election/democrats-house-control-midterm-election-wins-trump-check-rcna603397) - ABC News live updates, Senate projection 52-42: [abcnews.com](https://abcnews.com/Politics/live-updates/midterm-elections-live-updates/?entryId=137836697&id=137782085) - CBS News, Senate control: [cbsnews.com](https://www.cbsnews.com/news/senate-control-democrats-republicans-2026-midterm-elections/) - US Constitution, 20th Amendment (Congress begins 3 January) - CNBC, midterm election and the stock market, 3 Nov 2026: [cnbc.com](https://www.cnbc.com/2026/11/03/midterm-election-stock-market.html) **Indian markets** - NSE, index closing values (Nifty 50 23,960.60, Nifty IT 32,061.90), 4 Nov 2026: [nseindia.com](https://www.nseindia.com/market-data/live-market-indices) - Moneycontrol NSE quotes, closing prices and changes vs the 3 Nov close (TCS, Infosys, HCLTech, Wipro, Tech Mahindra, Persistent, Coforge), 4 Nov 2026: [moneycontrol.com](https://www.moneycontrol.com/india/stockpricequote/computers-software/tataconsultancyservices/TCS) - Yahoo Finance NSE/BSE closing quotes (^NSEI, ^BSESN, ^CNXIT, TCS.NS, INFY.NS, HCLTECH.NS, WIPRO.NS, TECHM.NS, LTM.NS, PERSISTENT.NS, COFORGE.NS, MPHASIS.NS), 4 Nov 2026: [finance.yahoo.com](https://finance.yahoo.com/quote/%5ECNXIT/) - ET Now, "Stock market closing: Sensex ends 380 points higher, Nifty over 23,950; Nifty IT slips 1.5%", 4 Nov 2026: [etnownews.com](https://www.etnownews.com/markets/stock-market-closing-sensex-ends-380-points-higher-nifty-over-23950-nifty-it-slips-1-5-article-156463985) - Zee Business, closing bell (Sensex +383.55 to 77,301.40, Nifty +149.75 to 23,960.60), 4 Nov 2026: [zeebiz.com](https://www.zeebiz.com/market-news/news-closing-bell-sensex-nifty-extend-rally-for-third-straight-session-hit-2-month-highs-405082) - Reuters via StreetInsider, "Rupee ends a tad higher as dollar slips after US midterms" (close 94.64 vs 94.74), 4 Nov 2026: [streetinsider.com](https://www.streetinsider.com/Reuters/Rupee+claims+near+two-week+high+as+US+midterms+singe+dollar%2C+flows+improve/27284124.html) - Reuters via MarketScreener, "Indian stocks muted after four sessions of gains", 4 Nov 2026: [marketscreener.com](https://ae.marketscreener.com/news/indian-stocks-muted-after-four-sessions-of-gains-us-election-results-in-focus-ce785fdede8cf121) - News18, Sensex falls 540 points from day's high, IT drags, 4 Nov 2026: [news18.com](https://www.news18.com/business/markets/sensex-falls-540-points-from-days-high-on-profit-booking-nifty-turns-red-after-four-day-rally-it-stocks-drag-10411880.html) - Economic Times live blog, 4 Nov 2026 (IT fall, bond yield, Nasdaq futures, Ravi Singh): [economictimes.com](https://m.economictimes.com/markets/stocks/live-blog/bse-sensex-today-nifty50-stock-market-live-updates-gift-nifty-nse-bse-sbi-share-price-04-november-2026/amp_liveblog/135518116.cms) - BusinessLine live updates, 4 Nov 2026 (rupee, Brent, dollar index, US yield, V K Vijayakumar): [thehindubusinessline.com](https://www.thehindubusinessline.com/markets/sensex-nifty50-today-stock-market-live-updates-4th-november-2026/article71661036.ece) - PTI via Mid-day, rupee rises 14 paise to 94.61, 4 Nov 2026: [mid-day.com](https://www.mid-day.com/business/business-news/article/rupee-rises-14-paise-to-9461-against-us-dollar-amid-fii-inflows-dip-in-crude-oil-prices-23658410) - CNBC-TV18, FIIs record biggest single-day buying of 2026, 3 Nov 2026: [cnbctv18.com](https://www.cnbctv18.com/market/fiis-record-biggest-single-day-buying-of-2026-with-nearly-rs6900-crore-inflows-20026310.htm) - Economic Times, Nifty IT's 18% rally (LKP), 1 Nov 2026: [economictimes.com](https://economictimes.indiatimes.com/markets/stocks/news/nifty-its-18-rally-may-mark-a-durable-leadership-cycle-35000-next-lkps-vatsal-bhuva/articleshow/135419140.cms) **AI, IT fundamentals and analysts** - CNBC, AI stocks and the Texas governor race (Wells Fargo), 4 Nov 2026: [cnbc.com](https://www.cnbc.com/2026/11/04/ai-stocks-texas-governor-data-centers.html) - NBC News, stock futures and the "blue tsunami" (JPMorgan, Evercore): [nbcnews.com](https://www.nbcnews.com/business/markets/stock-futures-blue-tsunami-ai-boom-rcna607351) - J.P. Morgan Global Research, AI capex outlook, 19 Oct 2026: [jpmorgan.com](https://www.jpmorgan.com/insights/global-research/artificial-intelligence/ai-capex) - Outlook Business, global AI sell-off vs Indian IT: [outlookbusiness.com](https://www.outlookbusiness.com/markets/global-ai-selloff-indian-it-rally-whats-driving-the-divergence) - Economic Times, Indian IT's Q2 earnings dilemma (Jefferies, Kotak): [economictimes.com](https://economictimes.indiatimes.com/markets/stocks/earnings/indian-its-q2-earnings-dilemma-deepens-more-deals-but-weaker-growth-and-falling-pricing-power/articleshow/134685622.cms) - TCS, Q2 FY27 results release (North America 48.3%, BFSI 32.8%, AI revenue $3.1 bn): [tcs.com](https://www.tcs.com/who-we-are/newsroom/press-release/tcs-financial-results-q2-fy-2027) - Moneycontrol, Kotak on layoffs and margins: [moneycontrol.com](https://www.moneycontrol.com/news/business/layoffs-delayed-hikes-support-indian-it-margins-as-growth-stays-weak-kotak-13997181.html) - Business Today, Raamdeo Agrawal on Indian IT, 3 Nov 2026: [businesstoday.in](https://www.businesstoday.in/markets/stocks/story/bt-exclusive-roaring-earnings-growth-ahead-indian-it-sector-needs-to-rediscover-its-growth-model-says-raamdeo-agrawal-565317-2026-11-03) **Policy, trade and exports** - RBI, survey on computer software and ITES exports 2025-26: [rbi.org.in](https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=63625); Indian Express: [indianexpress.com](https://indianexpress.com/article/business/us-share-india-software-service-exports-54-percent-trade-war-10884134/); Business Standard: [business-standard.com](https://www.business-standard.com/economy/news/india-s-software-services-exports-rise-8-2-to-221-4-bn-in-fy26-rbi-data-126092000478_1.html) - Moneycontrol, the proposed 25% outsourcing tax: [moneycontrol.com](https://www.moneycontrol.com/news/business/us-midterms-2026-why-a-proposed-25-outsourcing-tax-matters-for-india-s-it-industry-14066103.html) - Mint, what the results mean for H-1B, 4 Nov 2026: [livemint.com](https://www.livemint.com/news/us-news/us-midterm-election-results-impact-on-h-1b-visa-what-republican-or-democratic-control-could-mean-for-indians-11793760000081.html) - News18, why a divided Congress could be good news for Indian IT: [news18.com](https://www.news18.com/world/us-midterms-why-a-divided-congress-could-be-good-news-for-indian-it-giants-ws-lrt-10395115.html) - Indian Express, what a Democratic win means for India on trade and H-1B: [indianexpress.com](https://indianexpress.com/article/world/us-news/us-midterms-2026-democratic-win-impact-india-trade-h1b-10937930/) - Economic Times, Emkay's three scenarios, 3 Nov 2026: [economictimes.com](https://economictimes.indiatimes.com/markets/us-stocks/wall-street-guide/us-midterm-elections-today-can-trumps-pain-be-dalal-streets-gain-analysts-estimate-impact-in-3-possible-scenarios/articleshow/135483831.cms) - Daily Jagran, Emkay: midterms unlikely to ease crude pressure, 4 Nov 2026: [thedailyjagran.com](https://www.thedailyjagran.com/world/news/us-midterms-unlikely-to-ease-crude-oil-pressure-on-indian-markets-emkay-reports-10334790) - CNBC-TV18, US midterms and the Indian stock market (shutdown risk): [cnbctv18.com](https://www.cnbctv18.com/world/us-midterm-elections-2026-trump-loss-impact-indian-stock-market-20024274.htm) - CII, *Indian Roots, American Soil* (2023): [cii.in](https://www.cii.in/International_ResearchPDF/Indian%20Roots,%20American%20Soil%20Report.pdf) - Percentage changes and "rest of world" share: tldr.money calculation from the figures above. --- - [More ipo articles](https://www.tldr.money/articles/category/ipo) - [All articles](https://www.tldr.money/articles)