Nifty ends below 10,450 after hitting record high, snaps four-day rally

All that happened in Wednesday's trade

12:18 PM

Bitcoin price falls more than 10% to $15,800 on Bitstamp

 

The price of bitcoin fell more than 10% on Wednesday to as low as $15,800 at a cryptocurrency exchange Bitstamp.

 

It has since pared some of the losses and is down about 7 per cent in early trade. The digital currency has been sliding since it had hit a record high of $19,666 on Sunday.

12:01 PM

M&M, Vakrangee and two others to turn ex-bonus on Thursday

 

Four stocks – Mahindra & Mahindra (M&M), Balkrishna Industries, Vakrangee and Castrol India – from the S&P BSE 200 index will turn ex-bonus in the ratios of 1:1 on Thursday.

 

The board of directors of the respective companies had announced bonus shares in the ratio of 1:1 i.e. one bonus share for every share held as on record date.

 

These companies have fixed December 23, 2017 as the record date for the purpose of determining members who would be entitled to the bonus equity shares.

 

Except, Castrol India, shares of M&M, Balkrishna Industries and Vakrangee hit their respective new high after these companies announced that their respective board to consider bonus issue. These stocks have outperformed the market by gaining up to 41% (see table) against less than 3% gain in the benchmark S&P BSE Sensex during the period.

11:41 AM

Maruti Suzuki: The Rs 125 stock that hit Rs 10,000 in 14 years

 

If you were among the lucky few who got subscription to and have held on to this stock, you would now be sitting on a whooping near 8,000% return. Back in 2003, the government divested 25 per cent stake in Maruti Suzuki Limited (Maruti Udyog Limited as it was known then) at Rs 125 per share. The stock debuted on the exchanges on July 09, 2003 and ended the first trading at Rs 164 levels, nearly 32 per cent higher than the issue price.

 

From its issue price, Maruti (MSIL) has zoomed 7,900% to cross Rs 10,000 mark in intra-day deals today on the BSE. It is now the fifth most valued stock by market capitalisation (market-cap) at around Rs 3-lakh crore - only below Reliance Industries (RIL), TCS, HDFC Bank and ITC. A recent Motilal Oswal study puts Maruti among the top five wealth creators during 2012 - 17, pegging the wealth created at Rs 1.41-lakh crore in this period. READ MORE

11:26 AM

Morepen surges 18%

 

Morepen Laboratories has surged 18% to Rs 29.60, also its 52-week high on the National Stock Exchange (NSE), after the pharmaceutical company announced that the United States Food and Drug Administration (USFDA) has cleared anti-asthmatic drug, Montelukast Sodium.

 

This gives Morepen an entry into the Rs 2,000 crore (approx. $ 300 million) US market for Montelukast. The first commercial orders for the bulk drug are expected in Q2 of FY2018-19, it added.

 

Montelukast (Singulair of Merck) is the largest selling anti-asthmatic drug in the world and is a major contributor to Morepen’s API business.

11:11 AM

Buzzing Stock

 

Butterfly Gandhimathi Appliances is locked in upper circuit of 5% at Rs 561 on the National Stock Exchange (NSE), after investor Ashish Kacholia bought more than one percentage point stake in the company through open market.

 

On Tuesday, December 19, 2017, Ashish Kacholia purchased 200,000 shares representing 1.12% of total equity of Butterfly Gandhimathi Appliances at price of Rs 525 per share on NSE, the bulk deal data shows.

 

Reliance Alternative Investment Fund – Private Equity Scheme-1, which held 2.45 million or 13.71% stake in the company as of September 2017, had sold 200,000 shares via bulk deal.

10:55 AM

Market Check

Index	Current	Pt. Change	% Change
S&P BSE SENSEX	33,811.42	-25.32	-0.07
S&P BSE SENSEX 50	10,907.02	-4.06	-0.04
S&P BSE SENSEX Next 50	36,357.93	+86.75	+0.24
S&P BSE 100	10,944.41	+0.92	+0.01
S&P BSE Bharat 22 Index	3,765.53	+15.45	+0.41

10:38 AM

Equities are still an investor's friend

 

The primary target for a long-term investor is to beat inflation - anything more is a bonus. The first difficulty for an Indian investor is that we don’t have reliable long-term indices for inflation. However, we do have prices for various goods that have remained in common usage across the past 40 years. READ MORE

10:20 AM

Oil edges up towards $64 a barrel over North Sea pipeline outage

 

Oil prices inched up on Wednesday, supported by expectations of a fall in US crude inventories and by the ongoing outage of the North Sea Forties pipeline system.

 

US West Texas Intermediate (WTI) crude futures were at $57.71 a barrel, up 15 cents from their last settlement.

 

Brent crude futures , the international benchmark for oil prices, were at $63.86 a barrel, up 6 cents.

9:51 AM

It's raining upgrades on Dalal Street

 

Brokerages are increasingly revising their one-year price targets for Indian stocks, even as this year’s rally has been driven by re-rating.  In the past three months, all the Sensex companies, except ITC and Yes Bank, have seen an upward revision in price targets.

 

The broader market, too, has witnessed a similar trend, with 330 of the BSE 500 companies seeing their 12-month target price being moved upwards. The revision in targets is in anticipation of growth revival and the start of a new earnings cycle. READ MORE

9:37 AM

Maruti Suzuki hits Rs 10,000 mark

9:27 AM

Sectoral Trend

Source: NSE

9:26 AM

Top Sensex gainers and losers

Source: BSE

9:22 AM

Broader Markets

In broader markets, the BSE Midcap was up 0.2% while BSE Smallcap gained 0.4%

9:20 AM

Markets open

Benchmark indices fell right after opening at fresh record highs. At 9:19am, the S&P BSE Sensex was trading at 33,825, dowm 11 points while the broader Nifty50 index was trading at 10,456, down 7 points

9:14 AM

Astron Paper IPO over-subscribed 12.39 times on third day

 

Astron Paper and Board Mills' initial public offer (IPO) was over-subscribed 12.39 times on the third day of issue on Tuesday.

 

The IPO to raise Rs 70 crore received bids for 17,34,31,720 shares against the total issue size of 1,40,00,000 shares, data available with the NSE showed.

 

The portion reserved for qualified institutional buyers (QIBs) was over-subscribed 5.74 times and that of non- institutional investors 1.15 times. The segment set aside for retail investors was over-subscribed 33.57 times.