Markets may extend gains; Infosys ₹18,000 crore buyback in focus, stocks to watch on September 12
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Today, markets may extend gains for the upcoming sessions as investor sentiment is lifted by firm global cues and sectoral buying.
In focus today will be Infosys, after the IT major announced a share buyback worth ₹18,000 crore, a move that could support its stock price. Other stocks likely to remain in the spotlight include banking counters, which have been leading the recent uptrend, as well as metal and energy shares on expectations of stronger demand.
Traders will also track midcaps and smallcaps, which have shown resilience despite volatility, making them stocks to watch on September 12.
Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd. says, "Sector-wise, pharma gained, led by Aurobindo Pharma’s sharp surge, Waaree Energies hit a new milestone crossing Rs 1 lakh crore m-cap, and Jupiter Wagons rallied on a fresh Railways order. On the downside, Adani Power and Tega Industries slipped. With immediate Nifty targets at 25,155 and 25,670, the risk-on theme remains intact. Preferred trades: Nifty (buy at CMP, stop 24,621) and Bank Nifty (buy at CMP, stop 53,301). Stock radar: bullish on Fortis Healthcare, SBI, Bharti Airtel, and HBL Engineering."
Stocks to watch today
Infosys (IT sector) draws attention after announcing its biggest buyback of ₹18,000 crore via tender at ₹1,800 per share, a 19% premium to market price.
Canara Bank (banking sector) is in focus as its subsidiary Canara Robeco Asset Management Company has received SEBI’s observation letter for filing an IPO prospectus. Indian Overseas Bank (banking sector) has cut MCLR by 5 basis points across multiple tenors, effective 15 September.
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Lodha Developers (real estate sector) signed a Rs 30,000 crore MoU for a data centre park at Palava. Bharat Forge (engineering sector) partnered with UK-based Windracers to deploy UAVs in India.
GMR Power and Urban Infra (power sector) received relief as the Supreme Court upheld its coal allocation case. JSW Energy (energy sector) commissioned 317 MW of renewable capacity. RailTel (telecom sector) secured new orders worth over Rs 100 crore. Stanley Lifestyles (consumer durables) reduced sofa prices ahead of the festive season.
Shrikant Chouhan, Head Equity Research, Kotak Securities says, "For day traders, the 50-day SMA (simple moving average) or 24,850/81000 would act as a crucial support zone. As long as the market is trading above this level, the bullish trend is likely to continue. On the upside, 25,050/81700 would be the immediate breakout zone. A successful breakout above 25,050/81700 can push the market higher towards 25,150–25,200/82000–82200. On the other hand, a move below 24,850/81000 may weaken the uptrend."
"The Nifty Bank is holding above the level of 54300, which is bullish. Expect further bullishness up to 54850-55150 and weakness below 54300 levels," added Chouhan.