Adani Ent, Redington, L&T among buzzing stocks as SENSEX tumbles over 400 pts; NIFTY trades below 23,600

The Indian benchmark indices, SENSEX and NIFTY50, continued trading in the red zone during the afternoon session on Wednesday, September 9, amid a sell-off in information technology (IT) stocks and FII outflows.

Investor sentiment was also impacted by a decline in the rupee and a surge in global crude oil prices, as Brent crude hit $100 per barrel (bbl).

The SENSEX tumbled as much as 0.88% to hit an intraday low of 74,914.79. Meanwhile, the NIFTY50 slumped as much as 0.7% to touch the session’s low of 23,466.65.

At 1:03 PM, the S&P BSE SENSEX declined 422.37 points, or 0.56%, to trade at 75,155.21, while NSE’s NIFTY50 stood at 23,547.40, registering an 87.70-point, or 0.37% fall.

On Tuesday, the foreign institutional investors (FIIs) sold shares worth ₹123.19 crore, while the domestic institutional investors (DIIs) bought equities worth ₹1,349.64 crore on a net basis, according to exchange data.

Additionally, the India VIX, the volatility gauge, spiked nearly 6% during Wednesday’s trading session.

The top losers in the NIFTY50 index included Infosys, HDFC Life Insurance Company, HCL Technologies, Tech Mahindra and Wipro.

On the other hand, the top gainers were Adani Enterprises, Max Healthcare Institute, Adani Ports, Coal India and Tata Steel.

Buzzing stocks on September 9: Check list

Oil-sensitive stocks like Reliance, Indian Oil, BPCL, InterGlobe Aviation (IndiGo), Asian Paints, among others were witnessing selling pressure on Wednesday, September 9, as investors reacted to global crude oil prices touching a 15-week high amid the elevated tensions in West Asia.

Data showed that crude oil prices surged to a 15-week high hitting $100 per bbl as commodity market investors remained cautious due to the re-escalation and military attacks between the United States and Iran in West Asia.

In the last two weeks, the conflict in West Asia returned to military action from economic threats as both the United States and Iran reignited military attacks in West Asia, threatening the supply of oil via the Strait of Hormuz.

Shares of Coforge tumbled as much as 8.68% to ₹1,780.70 apiece on the National Stock Exchange (NSE) on Wednesday, September 9, after O.P. Bhatt resigned as the company’s Non-Executive Independent Director and Chairperson with immediate effect on September 8.

The resignation followed concerns raised during an internal audit review of the board evaluation process, including the disclosure of certain material information relating to the Board Evaluation Report and the Chairperson’s performance.

The company said the board had sought an explanation from Bhatt and was still evaluating his response when he resigned. Vivek Sharma, Non-Executive Independent Director, has been designated as interim Chairperson until January 31, 2027.

Larsen & Toubro (L&T) stock jumped as much as 1.9% to hit an intraday high of ₹4,020.20 apiece on September 9, after the infrastructure major bagged a large order from ONGC.

The order secured by subsidiary L&T Energy Hydrocarbon Offshore (LTEH Offshore) involves additional development of Ratna–I (ADR I) and the NLM-14 project off the country’s west coast.

Worth between ₹2,500 crore and ₹5,000 crore, the project includes engineering, procurement, construction, installation and commissioning (EPCIC) of three new well-head platforms, one riser platform, multiple segments of subsea pipelines and cables, and brownfield modifications to existing offshore installations. It is aimed at enhancing production and supporting the continued development of ONGC's offshore assets in the region.

Shares of Redington soared as much as 2.45% to hit an intraday and 52-week high of ₹382.70 apiece on the NSE, ahead of Apple’s annual launch event, dubbed “Surprise and Shine”. Redington is Apple's official supply chain and distribution partner in India, the Middle East, Turkey, and South Africa.

One of the world’s most valuable traded companies, Apple, is set to host its iPhone 18 launch event, “Surprise and Shine”, on Wednesday, September 9, at 10 AM Pacific Time (PT) or 10:30 PM Indian Standard Time (IST), which will also be streamed online.

The company is expected to launch the iPhone 18 series, with iPhone 18 Pro and Pro Max, which are said to feature Apple’s A20 Pro chip with a 2nm processor. Reportedly, Apple is also set to announce the launch of its first foldable phones, said to be called iPhone Ultra.

The stock of Power Mech Projects advanced as much as 3.23% to touch the session’s peak of ₹2,493.40 per equity share on the NSE, as the company secured an order worth ₹970 crore from Vedanta Power Ltd.

According to a regulatory filing, Power Mech Projects bagged an operations and maintenance contract for “ 2x600 MW at Vedanta Power Limited’s Sakti Thermal Plant, Chhattisgarh Coal-based Thermal Power Plant, situated at village Singhitarai, Sakti (Distr), Chhattisgarh”.

The contract is expected to be executed within 60 months from the date of issuance of the letter of intent (LoI) or order confirmation.

Adani Enterprises shares rallied as much as 6.4% to hit an intraday high of ₹3,142 apiece on Wednesday, as Adani Airport Holdings Limited (AAHL), a subsidiary of Adani Enterprises Limited (AEL) and one of India's largest private airport operators, has entered into binding agreements to raise ₹9,825 crore (nearly $1 billion) of primary equity capital from a consortium of investors.

It comprises Alpha Wave Global, Premji Invest, Temasek and BlackRock managed funds. The transaction values AAHL at a pre-money equity valuation of nearly $18 billion and represents one of the largest primary equity investments from financial institutions in India’s airport infrastructure sector.

The press release said the participation of a consortium of long-term domestic and global investors represents a significant institutional endorsement of AAHL’s scale, operating capabilities and long-term growth potential. The investment brings long-duration institutional capital into the business at a time when India’s aviation sector is entering a sustained phase of passenger growth, capacity expansion and infrastructure investment.

Shares of Graphite India zoomed as much as 18.5% to hit a 52-week high of ₹870 per unit on Wednesday, September 9, as global graphite electrode maker GrafTech International announced a minimum 30% price increase for all open commercial negotiations, effective immediately.

The move is positive for Indian graphite electrode manufacturers such as Graphite India as it signals a potential improvement in global electrode pricing after a prolonged period of weak realisations.

Higher electrode prices, if sustained, could support better realisations and margins for Graphite India.

The stock of NLC India surged as much as 3.7% to hit an intraday high of ₹282.30 per equity share after its wholly owned subsidiary, NLC India Renewables Limited (NIRL), bagged a wind power project order from SJVN.

As per a regulatory filing dated September 8, NIRL had participated in the Request for Selection (RfS) floated by SJVN Ltd for the selection of wind power developers for the supply of 600 megawatts (MW) of wind power from ISTS-connected wind power projects on a pan-India basis under the tariff-based competitive bidding.

NLC India’s arm emerged as a successful bidder for the development of the aforesaid project with a contracted capacity of 200 MW. Accordingly, NIRL received a letter of award (LoA) from SJVN Ltd, the company further stated.