Stock Market Today LIVE: Sensex Drops Over 500 Points, Nifty Below 23,600 On Oil Price Surge; IT Top Drag

Graphite India shares were in demand on Wednesday, with the scrip rallying up to 11.76% to hit a fresh 52-week high of Rs 820.85 per share.

At 9:18 am, Graphite India shares were trading 7.83% higher at Rs 791.95 per share. In comparison, BSE Sensex was trading 0.70% lower at 75,048 levels.

The sharp uptick in the share price came on the back of heavy volumes.

At the time of writing the report, 2.75 lakh shares worth Rs 21.78 crore changed hands on BSE, while 34.14 lakh shares worth Rs 270.40 crore changed hands on NSE.

Paytm share price rallied over 5% to hit a fresh 52-week high on Wednesday, led by strong volumes. The fintech stock jumped as much as 5.03% to a fresh high of Rs 1,753 apiece on the BSE.

The equity shares of One 97 Communications, the parent company of fintech giant Paytm, also saw a block deal in early trade. Around 1.06 million Paytm shares changed hands, according to Bloomberg data.

The rally in Paytm share price today was also fuelled by a report stating that the digital payments company was expanding to a new artificial intelligence (AI) business, to boost revenue growth.

Pharma major Biocon share price was buzzing in trade on Wednesday, with the scrip surging as much as 2.90% to hit an intraday high of Rs 403.95 per share. At 9:35 am, Biocon shares were trading 1.82% higher at Rs 399.79 per share. In comparison, the BSE Sensex was trading 0.68% lower at 75,063 levels.

The sharp uptick in the share price came amid heavy volumes and followed Q1 FY27 performance. Biocon saw a block deal on the BSE, with around 1.7 crore shares changing hands at Rs 385 per share. The shares were offered by Active Pine, which had put up to 1.66 crore shares for sale. At Rs 385 per share, the transaction value was approximately Rs 640 crore.

Finolex Cables shares were buzzing in trade on Wednesday, with the scrip surging as much as 3.77% to hit an intraday high of Rs 1,352.75, nearing its 52-week high of Rs 1,375 per share. At 9:54 am, Finolex Cables shares were trading 3.64% higher at Rs 1,351 per share. In comparison, the BSE Sensex was trading 0.76% lower at 75,006 levels.

The uptick in the share price came after Jefferies maintained its ‘Buy' rating on Finolex Cables with a target price of Rs 1,410 per share, indicating further upside from the stock's current levels. Jefferies noted that despite Finolex Cables' 60% year-to-date rally, its one-year forward price-to-earnings (PE) multiple of around 21 times remains notably below that of its peers.

Paytm has 1.06 shares change hands in block trade. Shares of One97 Communications, the operator of Paytm, jumped over 3% in early trade on Wednesday after reports of a large block deal. Further details of the block deal have not been released as yet on the stock exchanges.

Hindustan Aeronautics Ltd (HAL), the state-run defence company, has recently seen a string of positive developments which strengthen the investment case in the company, according to Citi. Citi noted ALH deliveries from HAL have been smoother vis-a-vis other platforms. 

In recent weeks, HAL has had multiple developments with potentially both near- and medium-term implications, including the improvement in Tejas Mk1A engine supplies, fresh procurement clearances, moves towards greater private-sector outsourcing and engine development for future helicopter programs.

Citi believes these developments help provide incremental comfort on some of the key investment debates, which have weighed on trading multiples. On Sept. 7, the Defence Acquisition Council accorded Acceptance of Necessity for Advanced Light Helicopters as part of proposals worth around Rs 1.1 lakh crore, of which 98% is expected to be sourced domestically. 

Coforge share price slumped over 8% in early trade on Wednesday, after the company's Non-Executive Independent Director and Chairman of the Board O P Bhatt resigned with immediate effect. The IT stock declined as much as 8.67% to Rs 1,780.10 apiece on the BSE.

At 9:22 AM, Coforge share price was trading 6.80% lower at Rs 1,816.65 apiece on the BSE.

Opening Bell:

Sensex
75,216.22
-361.36 -0.48%

Nifty 50
23,522.05
-113.05 (-0.48%

Bank Nifty
56,498 . 85
-278.70 (-0.49%)

Hitesh Tailor, Technical Research Analyst at Choice Broking Pvt. Ltd. said, "Indian equities are likely to open on a softer note, as Gift Nifty is trading around 23,661, down 52 points. Global markets remain unsettled, with US equities declining and Asian markets showing mixed signals. The sharp rise in crude towards $100 a barrel is emerging as a key market concern, raising worries over energy costs and their impact on India's market sentiment.''

''The overall bias remains tilted towards the downside, as weak opening cues and elevated crude prices may continue to weigh on sentiment. However, oversold conditions in Nifty and support near key long-term levels in Bank Nifty could trigger intermittent buying. Traders may therefore prefer a sell-on-rise approach until broader participation improves and the indices reclaim key resistance zones,'' added Tailor.

Adani Airport Holdings Ltd. (AAHL), a subsidiary of Adani Enterprises Ltd. (AEL) and one of India's largest private airport operators, has entered into binding agreements to raise Rs 9,825 crore (~USD 1 billion) of primary equity capital from a consortium of investors comprising Alpha Wave Global, Premji Invest, Temasek and BlackRock managed funds.

The transaction values AAHL at a pre-money equity valuation of ~USD 18 billion and represents one of the largest primary equity investments from financial institutions in India's airport infrastructure sector. 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.

ALSO READ: Adani Airports To Raise $1 Billion Of Primary Equity From Marquee Global Investors

The Japanese yen steadied near its strongest level since February on Wednesday, keeping the dollar on the defensive as traders grappled with oil prices pushing towards $100 per barrel in the face of a widening war in the Middle East. Iranian-backed Houthis in Yemen launched strikes on several Saudi cities, further embroiling a US ally in the over six-month-long conflict, while US forces hit multiple Iranian oil tankers and Iran targeted a US base in Jordan.

NMDC announced a hike in prices of select iron ore grades. The price of Lump Ore has been increased by Rs 150 per tonne to Rs 5,400 per tonne. The company has kept the prices of iron ore fines unchanged at Rs 4,500 per tonne. The revised prices are effective from today, 9 September 2026.

Crude oil prices rose for the fourth straight session on Wednesday, after renewed attacks across ‌the Middle East heightened worries about supply disruptions. Brent futures rallied 1.47% to $99.36 a barrel, while US West Texas Intermediate (WTI) crude rose 1.44% to $94.37.

US stock market ended lower on Tuesday amid rising hostilities in the Middle East and as investors awaited inflation data for further cues on interest rates.

The Dow Jones Industrial Average plunged 1.18% to 52,786.07, while the S&P 500 fell 0.58% to end at 7,673.52. The Nasdaq closed 0.32% lower at 26,421.41.

Asian markets traded mixed on Wednesday, with a rally in chip stocks, despite cautiousness over the elevated crude oil prices on escalating Middle East war. The MSCI Asia Pacific Index of shares rose 0.4%, led by the information technology sector.

Japan's Nikkei 225 rose 0.71%, while the Topix gained 0.49%. South Korea's Kospi rallied 1.31%, while the Kosdaq jumped 2.10%. Hong Kong Hang Seng index fell 0.39%.

The trends on Gift Nifty also signal a gap-down start for the Indian benchmark indices, Nifty 50 and Sensex, today. The Gift Nifty was trading around 23,659 level, a discount of nearly 90 points from the Nifty futures’ previous close. 

The Indian stock market is likely to open lower on Wednesday, following mixed cues from global markets, and a surge in crude oil prices that continues to weigh on investor risk-appetite.