The Indian equity benchmarks extended losses in noon deals on Wednesday, September 9, as investor sentiment remained cautious tracking a surge in crude prices and rising bond yields in the United States. According to reports from The Economic Times, the SENSEX fell as much as 663 points and NIFTY50 index touched an intraday low of 23,466 dragged down by losses in heavyweights including Infosys, HDFC Bank, Reliance Industries, Tata Consultancy Services, HCL Technologies, ICICI Bank and Bharti Airtel. As of 12:17 pm, the SENSEX was down 642 points at 74,936 and NIFTY50 index dropped 151 points to 23,484.
Graphite India shares advanced as much as 18.5% to a fresh 52-week high of ₹870 amid exceptional trading activity. As reported by The Economic Times, trading volume in the stock jumped by 28 times to 2.45 crore shares compared with an average volume of 8.72 lakh shares on the National Stock Exchange. On the BSE, as many as 16.35 lakh shares changed hands compared with an average of 86,000 shares traded daily in the past two weeks. The surge represents one of the most significant volume spikes in recent trading sessions, indicating strong investor interest in the graphite manufacturer.
The latest surge comes after Graphite India reported strong Q1 performance with net profit rising 28.4% and significant margin expansion. According to the company's Q1 investor presentation, EBITDA increased to ₹144 crore from ₹43 crore in the June quarter last year, while the operating margin expanded sharply to 17.1% from 6.4% in the year-ago period. The company operates with a manufacturing capacity of 80,000 tonnes per annum, making it the largest Indian producer of graphite electrodes. This improved financial performance follows a difficult March quarter when earnings had declined sharply, with net profit nearly halving during the quarter due to weaker demand impact.
The rally was triggered by GrafTech International's announcement of a minimum 30% increase in graphite electrode prices, effective immediately for all open commercial negotiations. As reported by The Economic Times, this follows GrafTech's March 2026 pricing action when graphite electrode prices were raised by a minimum of $600 to $1,200 per metric ton. The price increase reflects the continued need to restore graphite electrode pricing to sustainable levels that support ongoing investment in production capabilities and reliable long-term supply for customers. Higher electrode prices could potentially translate into better margins and realisations for Graphite India, given its significant manufacturing capacity and export exposure to global demand trends.
Several other stocks experienced significant volume surges during the trading session. According to The Economic Times, Reliance Power shares jumped 18% with trading volume jumping 4.5 times to 67.37 lakh shares compared with an average volume of 14.9 lakh shares on the NSE. DLF shares surged 10% with trading volume jumping 3.7 times to 5.14 crore shares as against an average volume of 1.38 crore shares. The volume increases across these stocks suggest specific investor interest beyond the broader market decline.
The exceptional trading activity extended beyond these three stocks, as reported by The Economic Times. Trading volume on the NSE surged 5.7 times to 1.43 crore shares compared with an average volume of 25.13 lakh shares. On the BSE, as many as 52 lakh shares changed hands compared with an average of 2 lakh shares traded daily in the past two weeks. A total of 8.28 lakh shares were traded on the BSE compared with its two-week average of 19,000 shares, indicating widespread investor participation across multiple stocks during the session.
