Sensex up 250 pts, Nifty holds 24,850 on expiry day; IT stocks buzzing on Infosys buyback plans

Gains in IT and pharma shares offset profit-booking in auto

Indian benchmark indices stayed in positive territory on September 9 but were off the day’s highs as the market navigated the weekly derivatives expiry of Nifty contracts.

Around noon, the Sensex climbed 278 points, or 0.34 percent, to 81,065.45, while the Nifty gained 83 points, or 0.34 percent, to 24,856.40. Market breadth was weak with 1,743 stocks advancing, 1,828 declining, and 149 remaining unchanged.

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Broader markets showed a mixed trend in intra-day trade, though smallcaps outperformed. India VIX inched up by 1 percent but remained at comfortable levels, signaling no immediate sign of panic.

On the sectoral front, Nifty IT was the standout performer after Infosys announced it will consider a share buyback via the open market on September 11 — its first in three years. Infosys shares gained 4 percent in response. Nifty Pharma also added nearly 0.5 percent, led by Sun Pharma, Cipla, Dr Reddy’s, and Zydus Life.

In contrast, the Bank Nifty slipped with a mild negative bias, while the Nifty Auto index witnessed profit-taking after a strong rally sparked by GST relief news.

Looking ahead, analysts at ICICI Securities see strong support for Nifty around 24,400, which coincides with the last two weeks’ identical lows and the lower band of the contracting range. This suggests demand could emerge at lower levels, supporting the continuation of the primary uptrend.

Experts believe the current consolidation phase offers opportunities to accumulate quality names backed by solid earnings, especially companies set to benefit from GST reforms and festive season demand.