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

All that happened in Wednesday's trade

3:57 PM

Vinod Nair, Head of Research, Geojit Financial Services 

 

Market moved in a tepid manner after recording the all time high, investors turned jittery ahead of RBI minutes. Market is gradually pricing the positive aura raised from the political front, going forward valuation and transition of reforms into earnings will be the key catalyst to fuel the market sentiment.

3:55 PM

RCom surges 45% after NCLT adjourns hearing of insolvency petition

 

Reliance Communications (RCom) rose as much as 45% in intra-day trade today after the National Company Law Tribunal (NCLT) adjourned the hearing of insolvency petitions filed against Reliance Communicationsto early next month after a group of the telecom operator's lenders sought time to consider converting the company's loans into equity. READ FULL REPORT

3:47 PM

Market breadth positive

 

The breadth, indicating the overall health of the market, remained strong. On the BSE, 1,590 shares rose and 1,120 shares fell. A total of 177 shares were unchanged.  

3:42 PM

Sectoral trend at close

Source: NSE

3:36 PM

Markets at close

Index	Current	Pt. Change	% Change
S&P BSE SENSEX	33,777.38	-59.36	-0.18
S&P BSE SENSEX 50	10,894.53	-16.55	-0.15
S&P BSE SENSEX Next 50	36,305.68	+34.50	+0.10
S&P BSE 100	10,931.34	-12.15	-0.11
S&P BSE Bharat 22 Index	3,762.81	+12.73	+0.34

Source: BSE

3:20 PM

Top five Nifty losers in last leg of trade 

Source: NSE

3:04 PM

Markets check

Index	Current	Pt. Change	% Change
S&P BSE SENSEX	33,788.70	-48.04	-0.14
S&P BSE SENSEX 50	10,899.83	-11.25	-0.10
S&P BSE SENSEX Next 50	36,310.31	+39.13	+0.11
S&P BSE 100	10,935.96	-7.53	-0.07
S&P BSE Bharat 22 Index	3,765.04	+14.96	+0.40

Source: BSE

2:47 PM

Buzzing stock

 

Shares of Religare Enterprises hit its upper circuit of 5% at Rs 73.15, while those of Edelweiss Financial Services rose 2.54% to Rs 298.65 in intra-day trade after Edelweiss Financial Services on Wednesday said its wealth management arm will acquire Religare's securities business for an undisclosed sum.

 

"Edelweiss and Religare today announced the acquisition by Edelweiss Wealth Management of Religare's securities business, which includes securities and commodities broking, and depository participant services," the company said in a regulatory filing. READ MORE

2:29 PM

6 stocks that are trading 2,000 times above their face value

 

MRF - the most expensive stock in terms of share price in India - is currently trading nearly 6,915 times its face value of Rs 10 per share at Rs 48,781 levels at the bourses.

 

Besides MRF, five stocks – Eicher Motors, Tata Consultancy Services (TCS), Page Industries, Britannia Industries and Honeywell Automation - are trading at over 2,000 times their respective face values. CLICK HERE FOR DETAILS

2:10 PM

Sensex heatmap in afternoon trade 

Source: BSE

1:41 PM

Archies zooms 57% in two weeks 

 

Archies is locked in upper circuit of 10% at Rs 50.25, also its 52-week high on the BSE, extending its over 40% surge of the past nine days after promoter Anil Moolchandani hiked stakes in the company through open market.

 

“Anil Moolchandani, Chairman and Managing Director of the Archies purchased 20,000 shares of the company on 08/12/2017 at the consideration value of Rs 6.87 lakh and further purchased 20,000 shares of the company on 11/12/2017 at the consideration value of Rs 6.70 lakh from the open market,” Archies said in a regulatory filing on December 12, 2017. READ MORE

1:24 PM

How Big B and family's $250,000 investment rose to $17.5 mn

 

Amitabh Bachchan, the Kaun Banega Crorepati host, undoubtedly knows how to build his wealth. As bitcoin mania reaches a fever pitch, the value of a stock investment by the Bachchan family has risen from $250,000 to $17.5 million in two and a half years. The Bachchans, one of Hindi cinema’s biggest names, had made their first significant equity investment in an overseas company through the Reserve Bank of India (RBI)’s Liberalised Remittance Scheme (LRS) in 2015. READ FULL REPORT

1:10 PM

Market Check

Index	Current	Pt. Change	% Change
S&P BSE SENSEX	33,884.56	+47.82	+0.14
S&P BSE SENSEX 50	10,926.24	+15.16	+0.14
S&P BSE SENSEX Next 50	36,360.39	+89.21	+0.25
S&P BSE 100	10,960.66	+17.17	+0.16
S&P BSE Bharat 22 Index	3,766.53	+16.45	+0.44

12:54 PM

Natco a safer bet in volatile pharma pack

 

The Natco Pharma stock has been among the few outperformers from the pharma pack and given the recent news flow and the company’s growth prospects, there could be more gains for investors. While Natco launched the Hepatitis-B drug in India on Tuesday, it approved the closure of its qualified institutional placement (QIP) document over the last weekend. READ MORE

12:34 PM

Tata Steel falls 2% after board approves fund raising through rights issue

 

Tata Steel was down 2% to Rs 693 on the BSE in intra-day trade on equity dilution concerns as the company's board approved to raise up to Rs 12,800 crore through rights issue to finance organic and inorganic growth plans.

 

"The Board approved issuance of equity and equity linked instruments including ordinary shares of the company by way of a rights issue to existing shareholders on record date for an amount not exceeding Rs 12,800 crore," Tata Steel said in statement.

 

The company said the board also approved a proposal to expand the capacity of Kalinganagar plant by 5 million tonne per annum (MTPA) to 8 MTPA with a total investment of Rs 23,500 crore. READ MORE

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.