When you're asking a question about general relativity you need to state what coordinates you want to use. This isn't just a mathematical nicety - as you'll see shortly, the different coordinate systems attached to different observers will describe very different behviours.
The obvious interpretation of your question is to ask what happens when an observer well outside the event horizon shines a torch at the black hole. The coordinates used by this observer are called Schwarzschild coordinates. For the Schwarzschild observer the time coordinate $t$ is just what the observer measures on their clock. The distance coordinate $r$ is more subtle. We can't measure the radial distance to the centre of the black hole because there's an event horizon in the way. Instead we say that since the circumference of a circle is $2\pi r$, we define the value of the radial distance $r$ by measuring the circumference of a circle centred on the black hole, then divide the circumference by $2\pi$ to get our $r$ coordinate. So we infer the radial distance: we don't measure it directly.
Anyhow, in the Schwarzschild coordinates the metric describing a stationary black hole is:
$$ ds^2 = -\left(1-\frac{2M}{r}\right)dt^2 + \left(1-\frac{2M}{r}\right)^{-1}dr^2 + r^2 d\Omega^2$$
If our light ray is radial then $d\Omega$ is zero. We can also exploit the fact that for light (or any massless particle) the proper time $ds$ is zero, and our equation simplifies to:
$$ 0 = -\left(1-\frac{2M}{r}\right)dt^2 + \left(1-\frac{2M}{r}\right)^{-1}dr^2 $$
And we can rearrange this to get the radial velocity $dr/dt$:
$$ \frac{dr}{dt} = \pm \left(1-\frac{2M}{r}\right) $$
The $+$ sign is for a light ray heading outwards i.e. $r$ increasing with time, and the $-$ is for a light ray heading inwards i.e. $r$ decreasing with time.
So now we can put $r$ equal to the event horizon radius $r = 2M$ to see what happens to light at the event horizon and we get:
$$ \frac{dr}{dt} = \pm \left(1-\frac{2M}{2M}\right) = 0 $$
We find that the velocity of light at the event horizon is zero. Indeed, if we integrate $dr/dt$ to get the equation of motion of the light ray we find it would take an infinite time to reach the event horizon, or conversely light starting at the event horizon would take an infite time to escape.
This isn't some mathematical trick. If you or I throw any object, whether it's a light ray or a massive object, into a black hole and time its motion then we would see it slow at the approach to the event horizon and we would have to wait forever for it to even reach the horizon let alone cross it.
A light ray doesn't have a rest frame, so you can't ask what the photon sees as it approaches the black hole. However you can ask what you or I would see if we jumped into a black hole. The answer is that our coordinates are locally flat Minkowski spacetime and we wouldn't see any horizon. An infalling observer sees the event horizon retreat before them and they never cross it. However they do hit the singularity in a finite (usually very short!) time as measured by their wristwatch.
There is a calculation of the trajectory of a light ray crossing the event horizon in Why is a black hole black?, but note that the coordinate system used for this calculation does not correspond to the experience of any observer. There is a related discussion in Does someone falling into a black hole see the end of the universe?, but again this note that this also uses an (even more) abstract coordinate system.
But to finish by returning to your question, we can ask what someone hovering just above the event horizon sees - we call this observer a shell observer. The answer is that they do see the light blue shifted, and as they hover closer and closer to the horizon the blue shift tends to infinity. There is no way to hover at the horizon because that would require an infinitely powerful rocket motor, but the limit of the blue shift is infinite as you approach the horizon. However the red shift for outgoing light is also infinite, so the light still can't escape.
Although the shell observer sees the light blue shifted as it reaches them, the shell observer still sees the light slow to a stop as it passes them and approaches the event horizon.
