Indian benchmark indices fell for a second straight session on Tuesday, as IT stocks slumped on worries of stricter H-1B visa rules. There was little impact from the Economic Survey by the Finance Ministry, that forecasted India’s economy would grow by 6.75 to 7.5 per cent in the coming fiscal. Finally, the NSE’s 50-share broadly followed index – Nifty plunged by around a per cent to settle below the crucial 8,600 support level; while Bombay Stock Exchange’s Sensitive Index – Sensex took a triple digit cut and closed below the psychological 27,700 mark.The European markets drifted lower on Tuesday, wherein the DAX of Germany fell 1.25 per cent; the CAX 40 of France plunged 0.75 per cent; and the FTSE 100 of the U.K. slipped 0.27 per cent.After coming under pressure early in the session, stocks staged a notable recovery attempt in the afternoon trading session on Tuesday. The major averages climbed well off their worst levels of the day, with the tech-heavy Nasdaq reaching a positive zone. The Dow Jones ended with losses of 107.40 points and the S&P 500 edged down 2.03 points, while the Nasdaq inched up 1.07 points.Asian stocks are trading lower on Wednesday, where Japan’s Nikkei 225 is trading lower by 0.60 points, while the Hong Kong’s index Hang Seng has slipped 0.99 per cent.At 8:05 am, SGX Nifty index climbed 22 points to 8,598, indicating a positive start for Indian equities. All eyes today will be on the Finance Minister, Arun Jaitely as he will be presenting the Union Budget today.