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Mumbai, In one of the biggest land deals in the financial capital, Wadias-run <keyword id="6383267" type="General" weightage="100" keywordseo="bombay-dyeing" source="Orion">Bombay Dyeing</keyword> on Wednesday announced the sale of a 22-acre land parcel to Japan's <keyword id="82654" type="General" weightage="80" keywordseo="sumitomo" source="Orion">Sumitomo</keyword> for Rs 5,200 crore. The plot in central Mumbai's Worli houses the Wadia International Centre, the nearly three-centuries old group's headquarters and other establishments. "It's a large deal and will help solve a lot of our issues," <keyword id="201105" type="General" weightage="50" keywordseo="rahul-anand" source="Orion">Rahul Anand</keyword>, the chief executive of Bombay Realty, an arm of the listed Bombay Dyeing, told PTI. He said the genesis of the transactions is in a March 2022 decision by the Bombay Dyeing board to make the company leaner from a debt perspective, turn it into black and put it on the path to sustained profits by strengthening balance sheets. The company, which reported a widening of losses to Rs 517 crore in FY23, will get the money in two phases, with the first payment of Rs 4,675 crore expected by October, while the remaining Rs 525 crore will come by March 2024 after the completion of certain milestones, Anand said. Goisu Realty, a subsidiary of Sumitomo Realty &amp; Development Company, will be purchasing the freehold land parcel, which allows it to use the entire 22 acre for residential or commercial use. Group Chairman Nusli Wadia said he is happy that Bombay Dyeing is entering into agreements with Sumitomo Group for the sale. The transaction will help Bombay Dyeing record a pre-tax profit of Rs 4,300 crore, take its networth into the positive territory, and also pay dividends in the future, as per an official statement. This is the second major land deal struck by Sumitomo in the financial capital, after signing an agreement with the state-owned MMRDA for a long-term lease of two plots at the Bandra Kurla business district for Rs 2,067 crore in October 2022. Worli is in the heart of what was called the Mill Land at a time when the city had a reputation for being a hub of textiles. With the shutdown of mills, large parcels of land by Mumbai standards are getting released for commercial development and this locality already commands land rates, which are among the highest in the city. Anand said the sale will help Bombay Dyeing retire its existing debt of Rs 3,900 crore, and the debt-free balance sheet will help it take on further business activities. The company has many land parcels across, which have a development potential of 3.5 million square feet that can deliver revenues of Rs 15,000 crore, Anand said. Prime among the land parcels is an over 15 acre "unencumbered" plot in nearby Dadar while the rest are smaller parcels, he said, adding that the Rs 15,000 revenue potential can be realised in the next two years. It will launch a project on the Dadar land parcel by September next year, he added. Anand said it has booked revenues of over Rs 900 crore by selling inventory at another ready project in Dadar, which helped reduce debt from the March 2022 peak of Rs 4,600 crore. Apart from the WIC, the Worli land parcel, which is now being sold to Sumitomo, also used to house actor Shilpa Shetty-owned Bastian Restaurant. A few years ago, it also hosted the Hard Rock Cafe. Interestingly, over the last few days, Bastian has shuttered while the Wadia group headquarters have been shifted to another group-held property in Dadar. As per reports, Bombay Dyeing had toyed with a scheme to develop the 22-acre plot by itself in the past and announced a mixed-use development on it. The Wadia Group started way back in 1736, and has its roots in shipbuilding, and also runs a slew of other ventures, including biscuit brand Britannia, tea company <keyword id="663644" type="General" weightage="50" keywordseo="bombay-burmah" source="Orion">Bombay Burmah</keyword>, the grounded carrier Go First and Bombay Dyeing, which has its roots in the textile business. The company scrip closed 6.93 per cent up at Rs 140.45 apiece on the BSE on Wednesday, against gains of 0.37 per cent on the benchmark.

Maximum city's max land deal: Bombay Dyeing to sell 22-acre plot to Sumitomo for Rs 5,200 cr

<ul><li>At 7:49 am the SGX Nifty was trading 0.68% higher pointing towards a muted start for Nifty50. </li><li>Here’s a list of stocks to watch for in trade today. </li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider. </a></li></ul>Amid the weak cues from the global market, the sell-off in the Indian stock market is likely to continue. Meanwhile, at 7:49 am the SGX Nifty was trading 0.68% higher. US stocks fell for the third consecutive session on Monday in a row amid the fear of the second lockdown in Europe and the rising uncertainty on negotiations with the next round of fiscal stimulus in the US. The Dow Jones Industrial Average tanked 509.72 points, and the S&amp;P 500 lost 1.16% towards the end of trading Asian markets also opened on a weak note. Hong Kong’s Hang Seng Index was trading 185 points lower, and the Shanghai Composite Index was down nearly 1% at 8:05 am. These are the stocks to watch out for during the trading session on September 22: State Bank of India The country’s largest lender State Bank of India on Monday said it had raised ₹7,000 crores by issuing Basel III compliant bonds. “The Committee of Directors for Capital Raising at its meeting of held today on September 21, 2020, accorded its approval to allot 70,000 Basel III compliant non-convertible, taxable, redeemable...debt instruments in the nature of debentures aggregating to ₹7,000 crore, to bond subscribers,” SBI said in a regulatory filing to stock exchanges. The shares of SBI ended 4% lower yesterday. HSIL Limited The board of directors of HSIL in a meeting held yesterday approved the proposal for buyback of fully paid-up equity shares of the face value of ₹2 each from the open market, amounting to ₹70 crore. The shares of HSIL Limited ended 1% lower yesterday. Bombay Burmah Trading The Wadia group-owned, Bombay Burmah Trading told investors that its board would meet on September 24, to consider the proposal of raising up to ₹75 crore via non-convertible debentures. The company in a stock exchange filing said it aims to use that money for a private placement basis. The shares of Bombay Burmah Trading ended 2% lower yesterday. GMM Pfaudler GMM Pfaudler said the company's promoter would sell 25.71 lakh shares via offer for sale at a floor price set at ₹3,500 per share on September 22 and 23. The shares of GMM Pfaudler ended 3% lower yesterday. Muthoot Finance, Manappuram Finance, IIFL Finance Fitch Ratings took rating action on the long-term issuer default ratings of four non-bank financial companies. For Manappuram Finance rating has been affirmed at ‘BB-’ and ‘Rating Watch Negative’ (RWN) has been removed. Whereas Muthoot Finance’s rating has also been affirmed at ‘BB’, but RWN has been removed. The shares of Muthoot Finance, Manappuram Finance and IIFL Finance ended 6%, 4% and 5% lower yesterday, respectively. Route Mobile The recently debuted Route Mobile received a stellar response from investors. The company dominated the bulk deals on Monday. Goldman Sachs acquired 24.09 lakh shares at the debut for ₹705.95 per share, and Kuwait Investment Authority acquired 5.79 lakh shares at ₹697.25 per share. The shares of Route Mobile ended 8% lower yesterday. IPO watch: CAMS, Angel Broking and Chemcon Speciality Chemicals CAMS and Chemcon Speciality Chemicals were subscribed 0.82 times and 5.20 times respectively yesterday. Today is the day two for CAMS and Chemcon investors to invest in the IPO. Angel Broking IPO will open today for subscription and will remain open until September 24. SEE ALSO: <a href="https://www.businessinsider.in/business/corporates/news/interview-angel-broking-ceo-believes-the-600-crore-ipo-will-ride-the-digital-euphoria/articleshow/78235409.cms" data-type="tilCustomLink">INTERVIEW: Angel Broking CEO believes the ₹600 crore IPO will ride the ‘digital’ euphoria</a> <a href="https://www.businessinsider.in/business/corporates/news/chemcon-speciality-chemicals-318-crore-ipo-heres-what-works-and-what-doesnt/articleshow/78231465.cms" data-type="tilCustomLink">Chemcon Speciality Chemicals ₹318 crore IPO fully subscribed within two hours — Here’s what works and what doesn't</a>

Top stocks to watch— State Bank of India, GMM Pfaudler, HSIL, Route Mobile, Muthoot Finance, Manappuram Finance, CAMS, Chemcon and others

<ul><li><keyword id="1542889" type="COMPANY" weightage="20" keywordseo="The-Wadia-Group">The Wadia Group</keyword> is planning to sell up to 5% stake in India’s <keyword id="9350649" type="UNKNOWN" weightage="20" keywordseo="largest-biscuit-maker">largest biscuit maker</keyword>, <keyword id="6359432" type="UNKNOWN" weightage="20" keywordseo="britannia">Britannia</keyword> Industries, through secondary block deals to raise as much as ₹4,000 crore, according to <a href="https://economictimes.indiatimes.com/markets/stocks/news/wadias-look-to-sell-up-to-5-in-britannia-via-block-deals/articleshow/76207182.cms">reports</a>.</li><li>Bombay Burmah <a href="https://simplywall.st/news/do-directors-own-britannia-industries-limited-nsebritannia-shares/">holds 51% stake in Britannia Industries</a> which has a market cap of ₹82,272 crore. </li><li>Biscuits and bakery products maker, Britannia share price, zoomed over 60% since March 23— when the lockdown started. </li></ul>Bombay Burmah stocks rallied over 4% on June 5 all thanks to its parent company— The <keyword id="55359" type="COMPANY" weightage="20" keywordseo="Wadia-Group">Wadia Group</keyword>, which also owns Britannia Industries. The stellar rally in the stock was triggered by The Wadia Group decision to sell up to 5% stake in India’s largest biscuit maker, Britannia Industries, to raise as much as ₹4,000 crore, according to <a href="https://economictimes.indiatimes.com/markets/stocks/news/wadias-look-to-sell-up-to-5-in-britannia-via-block-deals/articleshow/76207182.cms">reports</a>. <div type="image" title="Bombay Burmah share price" msid="76215241" hostid="261"></div>Bombay Burmah <a href="https://simplywall.st/news/do-directors-own-britannia-industries-limited-nsebritannia-shares/">holds 51% stake in Britannia Industries</a>, which has a market cap of ₹82,272 crore. The Wadias are likely to sell <keyword id="30335" type="ORGANIZATION" weightage="20" keywordseo="Shares">shares</keyword> through secondary block deals in open <keyword id="31671" type="CITY" weightage="20" keywordseo="markets">markets</keyword>, according to The Economic Times. According to reports, the Mumbai-based conglomerate is looking to take advantage of a spike in the share <keyword id="6366990" type="UNKNOWN" weightage="20" keywordseo="Prices">prices</keyword> since March when Indian markets had slumped to a record low. Biscuits and bakery products maker, Britannia share price, zoomed over 60% since March 23— when the lockdown started. That’s an addition of over ₹31,000 crore to the market value. A 5% stake would have appreciated by over ₹1,500 crore in the last 9 weeks. However, Britannia shares fell over a percent after the report of the proposed stake sale. <div type="image" title="Copy of britannia shareprice" msid="76215264" hostid="261"></div> Unlike many other consumption majors, <a href="https://www.businessinsider.in/business/corporates/news/britannia-profit-revenue-for-q4-march-2020-earnings-result-and-share-price-chart/articleshow/76155278.cms">Britannia posted robust Q4 earnings</a>. The company saw a 26% jump in its consolidated net profit to ₹375 crore for the fourth quarter ended March 31. Bombay Burmah is India's second oldest publicly-quoted company engaged in the Burmese tea and coffee business, owned by the Wadia family with a net worth of over $6 billion, according to Forbes. Majority of stakes in Bombay Burmah — 65.93% is held by the promoters and a little over 26% is held by the non-institutional promoters. Mutual funds, foreign institutional investors and retail investors own nearly 8% of the stake in the company. <div type="image" title="Bombay Burmah pie" msid="76215317" hostid="261"></div> Bombay Burmah profit for the third quarter ended Dec 31 jumped to ₹27.69 crore from the net loss of ₹11.64 crore in the corresponding quarter previous year. The reports for the fourth quarter ended Mar 31 are still awaited. <div type="image" title="Bombay Burmah profit" msid="76215330" hostid="261"></div> SEE ALSO: <a href="https://www.businessinsider.in/finance/news/sbi-share-price-gains-as-sbi-cards-share-sale-boosts-profit/articleshow/76214619.cms" data-type="tilCustomLink">India's largest bank's profit spikes thanks to SBI Cards share sale⁠— bad loans are under control</a> <a href="https://www.businessinsider.in/business/corporates/news/cognizant-is-taking-inspiration-from-tcs-in-trying-to-tame-costs/articleshow/76210561.cms" data-type="tilCustomLink">Cognizant is taking inspiration from TCS in trying to tame costs</a>

The $6 billion Wadia family’s plan to shed stake in Britannia has the 150-year old Bombay Burmah up and running

The <keyword id="6354813" type="COMPANY" weightage="100" keywordseo="nifty">Nifty</keyword> saved its best for the last day of July surging more than 1.3 percent on Friday as traders went long on beaten down blue chips and funds played up concentrated stocks holdings in a bid to increase their net asset values. The first trading day of the Futures and Options cycle also boosted sentiment. 

	The government's move to recapitalize leading PSU banks to the tune of `12,050 crores also boosted sentiment in the banking space, which was already abuzz thanks to ICICI Bank's earnings.
 

	The Nifty jumped 111 points to end the day at 8,533, closing well above its 200-day moving average which is a key support level for the bulls . Its Advance-Decline Ratio stood at 37/13 with Bank of Baroda, State Bank of India and Coal India leading the gainers list. On the losers' side were BHEL, Kotak Bank and Tata Power.
 The Bank Nifty leapt 289 points to 18,730 after the government's move to shore up PSU banking balance sheets. The trend in other sectoral indices was equally bullish. CNX Realty, CNX Pharma, CNX Auto and CNX <keyword id="34523" type="CITY" weightage="100" keywordseo="fmcg">FMCG</keyword> Indices were the top gainers. On the <keyword id="43628" type="CITY" weightage="100" keywordseo="Bombay-stock-exchange">Bombay Stock Exchange</keyword>, the <keyword id="6484188" type="CITY" weightage="100" keywordseo="Sensex">Sensex</keyword> soared 409 points to close the day at 28,114 points. Dr. Reddy's, Lupin, ICICI Bank and Hero Motors were the top gainers on the Index, while BHEL, NTPC, Tata Steel were stocks that fell. As a consequence, the Advance-Decline Ratio on the Sensex stood at 24/6. 

	The trend in the wider market favoured the bulls with 1,655 stocks gaining versus 1,214 that closed below Thursday's close.
 

	Trade was overtly bullish as well in the derivatives space on the first day of the new settlement. Media, Banking and Pharma sectors were the top gainers among 18 industries in both price and open interest. The Advance-Decline Ratio was a strong 123/38 in the futures and Options market.
 

	Stocks that hit fresh 52 week highs were Aditya Birla Nuvo, Bombay Burmah and Dr. Reddy's.
 

	Broader indices may have posted strong gains but earnings of companies such as Titan etc, disappointed investors. On the other hand quarterly results of companies such as Force Motors, Sun TV and ICICI Bank soothed investor nerves.

	 
	 
	(Image credits: Indiatimes)

Nifty saved its best for the last day of July

234-year-old company EID Parry is only a tad more valuable than year-old  unicorn GlobalBees

<ul><li>According to reports, a complaint with the Mumbai police cyber cell stating that the controversial post was made from the Twitter account of an impostor was filed.</li><li>"The company has put him in suspension till the inquiry, both internal and external, is done and the case is concluded," a GoAir spokesperson told <a href="https://www.moneycontrol.com/news/business/companies/goair-revokes-termination-notice-on-employee-over-alleged-communal-comments-on-twitter-5371761.html">Moneycontrol</a>.</li><li>A Twitter account of Asif Khan with the id '@MdAsif35534489', posted objectionable and hateful comments last week following which there was an uproar on social media.</li></ul>Three days after terminating the services of a trainee first officer over a hate tweet, the budget airline GoAir on June 7 changed its decision, from termination to suspension, after the trainee <a href="https://www.cnbctv18.com/aviation/goair-employee-files-police-complaint-after-airline-terminates-contract-over-alleged-communal-comment-6089801.htm">reportedly</a> filed a complaint against the carrier. According to reports, a complaint with the Mumbai police cyber cell stating that the controversial post was made from the Twitter account of an impostor was filed. <div type="Article" hostid="261" msid="76252921" title="PM Modi’s new “Air India One” will have advanced defence systems— that and other features of the aircraft" mstype="2" mssubtype="0"></div> "The company has put him in suspension till the inquiry, both internal and external, is done and the case is concluded," a GoAir spokesperson told <a href="https://www.moneycontrol.com/news/business/companies/goair-revokes-termination-notice-on-employee-over-alleged-communal-comments-on-twitter-5371761.html">Moneycontrol</a>. The company earlier on June 4 tweeted that, "GoAir has a zero-tolerance policy and it is mandatory for all GoAir employees to comply with the company's employment rules, regulations and policies, including social media behaviour. The airline does not associate itself with personal views expressed by an individual or an employee. With immediate effect, GoAir is terminating the employment contract of trainee First Officer Asif Khan." <div type="twitter" handle="goairlinesindia" handlename="GoAir" image="http://pbs.twimg.com/profile_images/918818138266877952/bbhJOmhG_normal.jpg" favoritecount="278" retweetcount="64" status="#GoAlert https://t.co/3QAARwFvJK" createdat="1589863732000" id="1262606121946107905"></div>The trainee first officer Asif Khan in another Facebook post on Sunday said he had lodged an FIR against the person who has used his name and made derogatory comments on the social media platforms. "I have been getting death threats, abusive hate messages, my mother and sister threatened with rape, all because of mistaken identity and because a guy with the same name as mine had abused Holy Hindu God's," he said. A Twitter account of Asif Khan with the id '@MdAsif35534489', posted objectionable and hateful comments last week following which there was an uproar on social media and the #boycottGoAir hashtag started trending on Twitter in India. Screenshots of the objectionable tweets from the Twitter id of the account named "Asif Khan" went viral, seeking action from the airline. The profile of the handle mentioned — cabin crew at @goairlinesindia. Before the decision of sacking the trainee first officer, the airline had tweeted that it was trying to verify whether the person 'Asif Khan' is associated with the airline. (With IANS inputs) SEE ALSO: <a href="https://www.businessinsider.in/business/corporates/news/wadia-family-with-6-billion-net-worth-to-sell-britannia-stake-plan-boosts-bombay-burmah/articleshow/76215256.cms" data-type="tilCustomLink">The $6 billion Wadia family’s plan to shed stake in Britannia has the 150-year old Bombay Burmah up and running</a> <a href="https://www.businessinsider.in/stock-market/markets/news/sbi-share-price-is-up-5-are-brokerages-raise-target-prices-to-over-200/articleshow/76254529.cms" data-type="tilCustomLink">SBI share price is up 5% as brokerages raise target prices to over ₹200</a>

A GoAir employee nearly lost his job for a hate tweet⁠— but he now says it was an impostor

<ul><li>The new aircraft will be used to fly Prime Minister and President of India and other top Indian dignitaries.</li><li>The new <keyword id="9362523" type="UNKNOWN" weightage="20" keywordseo="boeing-777-300ers">Boeing 777-300ERs</keyword> are being fitted with advanced defence systems and <a href="https://www.timesnownews.com/india/article/air-india-one-boeing-777-300-features-and-interesting-facts/601170">will be operated by the IAF pilots</a>, according to reports.</li><li>The Indian government has opted for the state-of-the-art missile defence systems called Large Aircraft Infrared Countermeasures (LAIRCM) and Self-Protection Suites (SPS) to be fitted into the aircraft. </li></ul>India is set to receive two wide-bodied Boeing 777-300ERs to serve as “Air India One.” The new aircraft will be used to fly Prime Minister and President of India and other top Indian dignitaries from <a href="https://economictimes.indiatimes.com/news/defence/pms-new-aircraft-will-be-flown-by-iaf-pilots-but-maintained-by-air-india/articleshow/71510176.cms">July, this year</a>. The highly customised Boeing 777-300ERs will be the replacement to the current <keyword id="85750" type="PERSON" weightage="20" keywordseo="Air-India-One">Air India One</keyword> planes of Boeing 747 fleet. Indian officials currently fly on the Indian Air Force (IAF) plane for domestic travel and Air India’s Boeing 747 for international travel. IAF pilot to be on the driver seat The new Boeing 777-300ERs are being fitted with advanced defence systems and <a href="https://www.timesnownews.com/india/article/air-india-one-boeing-777-300-features-and-interesting-facts/601170">will be operated by the IAF pilots</a>, according to reports. Traditionally, the 747 fleets of Air India were flown by the most senior pilots of the flag carrier. <div type="image" title="Aero concepts" msid="76253001" hostid="261" caption="&amp;lt;p&amp;gt;Image credits: Team Aeroconcepts&amp;lt;/p&amp;gt;"></div> The new B-777 planes are being sourced from US-based Boeing company and will cost around ₹1200 crore to India. The aircraft outstands the current aircraft used by the US president— which is regarded as one of the safest planes. The US has two identical aircrafts named <keyword id="88309" type="ENTERTAINMENT" weightage="20" keywordseo="Air-Force-One">Air Force One</keyword>, which are highly customised Boeing 747-200B series aircrafts, designed for the transportation of the US president. Self-protection suites The new aircraft of the Indian dignitaries will have advanced defence systems similar to Air Force One. According to <a href="https://www.timesnownews.com/india/article/air-india-one-boeing-777-300-features-and-interesting-facts/601170">reports</a>, the new plane will have military defence systems and a reconfigured cabin. For the security of its diplomatic dignitaries, the Indian government has opted for the state-of-the-art missile defence systems called Large Aircraft Infrared Countermeasures (LAIRCM) and Self-Protection Suites (SPS) to be fitted into the aircraft. The Air Force One of the US is also equipped with advanced secure communications equipment and allows the aircraft to function as a mobile command centre if an attack happens on the United States. Capabilities to fend off an attack The new Indian aircraft for the President and Prime Minister will feature Advanced Electronic Warfare Suites. These suites will enable the plane to not only fend off an attack but also take countermeasures in case of an attack. The new aircraft will be the first Indian aircraft which will be equipped with SPS (self-protection suites), which can effectively jam enemy radar frequencies and divert heat-seeking missiles. <div type="image" title="Krithik Mohanthy" msid="76253036" hostid="261" caption="&amp;lt;p&amp;gt;Image Credits: Krithik Mohanthy/Twitter&amp;lt;/p&amp;gt;"></div> Unlimited range Similar to the Air Force One planes the new aircraft have unlimited range and can travel around the world in one go. The plane will also be capable of mid-air refuelling in case of an emergency. Twin GE90-115 engines vs GE CF6-80C2B1 engines Air Force One, also known as ‘flying Oval office’ has four General Electric CF6-80C2B1 jet engines on each plane, which provide 56,700 pounds of thrust a piece. The top speed for Air Force One is between 630 and 700 miles per hour at a maximum height of 45,100 feet. However, the new Air India one will have twin GE90-115 engines, a variant of the engine made for the -300ER and can fly at 559.33 miles per hour. SEE ALSO: <a href="https://www.businessinsider.in/business/corporates/news/wadia-family-with-6-billion-net-worth-to-sell-britannia-stake-plan-boosts-bombay-burmah/articleshow/76215256.cms" data-type="tilCustomLink">The $6 billion Wadia family’s plan to shed stake in Britannia has the 150-year old Bombay Burmah up and running</a> <a href="https://www.businessinsider.in/india/news/checkout-how-president-trumps-plane-stands-out-from-narendra-modis-official-aircraft/articleshow/74284656.cms" data-type="tilCustomLink">Checkout how President Trump’s plane stands out from Narendra Modi’s official aircraft</a> <a href="https://www.businessinsider.in/business/corporates/news/interglobe-aviation-indigo-airline-profit-revenue-for-q4-march-2020-earnings-result-and-share-price-chart/articleshow/76154721.cms" data-type="tilCustomLink">IndiGo reports a net loss of ₹1,750 crore after domestic air passenger dips and costs continue to pile up </a>

PM Modi’s new “Air India One” will have advanced defence systems— that and other features of the aircraft

The <keyword id="6354813" type="COMPANY" weightage="100" keywordseo="nifty">Nifty</keyword> is likely to remain range-bound on Wednesday as major earnings have run their course and overseas cues do not present a strong trend in either direction. The logjam in the Parliament's Monsoon session deepens, which may act as a negative for the market. 
 
Meanwhile, the SGX Nifty points to a flat opening for the Nifty today. 
 
Global cues are flat. Major Indices in the US fell between 0.2-0.3 percent on Tuesday. The trend was flat to weak in European markets with top indices slipping up to 0.2 percent, except for the German market, which rose 0.1 percent. The commodity space remains positive for Indian equities. Gold Futures slipped for a 3rd day, to fresh 5-1/2 year lows; Oil Futures showed a minor uptick on the strength from Chinese equities. The metal complex continues to show no signs of life. And stocks in Japan, China and Hong Kong are showing mild upticks on Wednesday. 
 
The Nifty Index closed at 8,516 points, up 26 points, on Tuesday, snapping a 4-day advance. Dealers are ramping up beaten down PSU banks as trading buys after their valuations became juicy. The Nifty has a strong support at 8,500-8,450 levels while the resistance is seen at the 8,567-8,637 point level. 
 
The sentiment remains mixed in the cash market. Foreign Institutional Investors totalled net buys of `119 crores on Tuesday, their 2nd day of purchases. In contrast net sales of `113 crores from domestic investors almost balanced the `buy' figure. The derivatives space saw muted action. There were net sales worth 231 crore rupees for Index Futures; Purchases of 849 crore rupees for Stock Futures; Purchases of `605 crore rupees for Index options and net sales of 15 crore rupees for Stock Options. 
 
Today's major earnings are from Bata. Bombay Burmah, Canara Bank and Emami. Strong delivery based buying in Motherson Sumi, Bosch and Nestle on Tuesday. 
 
Image credit: Indiatimes

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Maximum city's max land deal: Bombay Dyeing to sell 22-acre plot to Sumitomo for Rs 5,200 cr

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