Bombay Dyeing to sell Worli land to Sumitomo for Rs 5,200 Cr- Daily Market Update- Equity 14 Sep 2023 | Globe Capital Market LTD.
Bombay Dyeing to sell Worli land to Sumitomo for Rs 5,200 Cr- Daily Market Update- Equity 14 Sep 2023

Wadia Group-owned Bombay Dyeing and Manufacturing Co. agreed to sell 22 acres in Worli to Goisu Realty Pvt. for Rs 5,200 crore in one of India's biggest land deals to repay debt and fund future projects.

Overview and Outlook

Global Stock Market Today

  • Barring Dow Jones other US equity markets settled on Positive note .
  • European equity markets ended on negative note.
  • Asian equity markets are trading on a positive note
  • GIFT Nifty is up by 38 points (as on 8:30AM), Nifty futures likely to open around 20184 levels.


News highlights from across the globe

  • Asian stocks start mixed  after Wall Street largely looked through a U.S. inflation report, reinforcing bets the Federal Reserve may pause its rate hikes but signal it’s not over yet.
  • On Wednesday, the S&P 500 was little changed while the Dow Jones Industrial Average underperformed. American Airlines Group Inc. led US stock losses after cutting its earnings outlook amid a jump in jet fuel prices.
  • Brent Crude prices slipped below $92 a barrel and the yield on the 10-year U.S. bond was trading at 4.25%.


Important news updates from the domestic front

  • Adani Enterprises: Adani Wind’s 5.2 MW wind turbine generator, which is India’s largest turbine, has received type certification from WindGuard GmbH. The certification enables Adani Wind to start series production for global markets.
  • Wipro has launched a cyber defense center in Dusseldorf, Germany that will use Microsoft’s portfolio of cybersecurity products for IOT solutions.
  • Bombay Dyeing has agreed to sell 22 acres in Mumbai’s Worli to Goisu Realty for Rs 5,200 crore in a bid to repay debt and fund future projects. Upon shareholders’ approval, the transaction will happen in two phases. Goisu Realty is a subsidiary of Japan-based developer Sumitomo Realty & Development Co.
  • IRCTC signed an MoU with Maharashtra State Road Transport Corp. to enable MSRTC’s online bus booking services via its bus booking portal.
  • Aditya Birla Fashion and Retail brand Louis Philippe announced its foray in the Middle East with the opening of the brand’s newest outlet in UAE. The company plans to increase its retail footprint by launching several additional outlets of its brands throughout the Middle East in the near future.
  • Suven Pharmaceuticals: The government has approved up to Rs 9,589 crore foreign investment in the drugmaker. The approval is for acquisition of up to 76.1% stake in the company by Cyprus-based Berhyanda. The aggregate foreign investment in company will increase up to 90.1%.


Nifty Overview & Outlook

The benchmark Nifty index settled higher at 20070 levels after adding 77 points to its previous closing values after highly volatile trading session.

The Broader market outperformed the benchmark as Midcap and Small cap index rose 0.60% & 1% respectively.

All sectoral indices, barring Nifty Auto and IT index, tracked at NSE settled in green. Amongst them, Nifty PSU Bank index was at the top of the tally, gained over 4% followed by Media index that rose 1.53%.

Technically, Nifty closed on a strong note and formed a bullish candlestick on the daily chart. Going ahead, we reiterate our bullish view on Nifty index and expect it to move towards 20350 or higher levels in immediate near term.


Derivatives Overview & Outlook

Yesterday, long buildup was seen in Nifty with increase in open interest by 1.6%. short covering was seen in Banknifty and Finnifty futures with decrease in open interest by 4.3% and 2.1% respectively.

On sectoral front, long buildup was seen in Automobile, FMCG, Pharma and Telecom whereas some short buildup was seen among Infra stocks. On the other hand, short covering was seen in Banking, Power and Cement stocks.

On options front, put writing was seen at multiple strikes along with call writing at 20200 strikes and maximum positions are at 19900 PE and 20100 CE.


Institutional Trading Activity

Yesterday, FIIs sold stocks worth Rs 1632 Cr in the cash segment, bought stocks futures and index future worth Rs 4547 Cr and Rs 1269 Cr. DIIs were net buyer in the cash segment to the tune of Rs 850 Cr.


Nifty Futures, Banknifty Futures and Finnifty Key Levels

Nifty – Resistances 20200-20280; Supports 19960-19800

Banknifty – Resistances 46160-46400; Supports 45450-45200

Finnifty – Resistances 20560-20660; Supports 20230-20160


F&O stocks in ban today:



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