BOR: Market Outlook: Indian Equity Markets are likely to open little cautious as traders await an interim budget

Market Outlook: Indian Equity Markets are likely to open little cautious as traders await an interim budget that is scheduled to be presented in the parliament later today. Since Government action can continue in the form of RBI policy initiatives or other steps in the name of warming up a cooling economy. Weakness in Asian markets may weigh on sentiment.

There are some expectations of announcements from the budget and we may see a leg down if the market is disappointed. The market is likely to remain in a trading range and is likely to consolidate between 2700-3000 levels for the near-term.

Nifty Outlook: Pivot level: 2938

S1: 2906, S2: 2865, S3: 2834

R1: 2979, R2: 3011, R3: 3052

Alert: Interim Budget today: The interim Budget, to be presented by External Affairs Minister Pranab Mukherjee who is currently holding the charge of Finance Ministry, is likely to announce some measures to reduce the impact of the global economic meltdown on the Indian economy. A stimulus package may be announced to address export sector concerns, which is the worst, hit being a labour intensive field. Sops for sectors like rural development and infrastructure will also be considered

Indian ADRs: Satyam up 12%, Tata Motors up 2%, Infosys, HDFC Bank, ICICI Bank down 2%

On the global front US markets, stocks fell sharply in the final minutes of trading led by financials. It was the Dow's fourth consecutive close below 8,000 and its longest sub-8,000 streak since March 2003. US Mkts slip; Dow closes below 8k for 4th consecutive day and Asian markets trading mixed; Shanghai Composite up 2%

Main highlights were Citi & JPMorgan have announced temporary moratorium on home loan foreclosures. Consumer sentiment in January fell much more- than-expected.

US markets will be closed on Monday for President's Day holiday.

Stocks in Action for the day: Satyam, Jet Airways, Hexaware, ICICI Bk, HDFC BK, Bartronics India & Airlines to be in Action

Satyam: R1: 47.5, R2: 48.7, R3: 50, S1: 45.6, S2: 44.9, S3: 43.7

Satyam update: -Says will move very fast on stake sale; to make sure bid is open & transparent -Kiran Karnik says may have to seek govt nod/consult for approval of stake sale process -World Bank Says Can Review Satyam Ban If Co Takes Corrective Action: -Merrill Lynch to shift Satyam contract to TCS Board Gives Preliminary Indications To Ram Mynampati To Resign: Sources

Airlines In Action on slashing Jet Fuel Prices down to 2005 levels.

Jet fuel prices slashed by 3.8%, Jet Airways has cut international prices by 30%, IOC Says ATF Prices To Decline By An Avg Of Rs 1,206/kl. DGCA says to process reports from airlines & decide on further course of action

Hexaware: R1: 35.4, R2: 39.9, R3: 43.6, S1: 27.2, S2: 23.5, S3: 19

Market expect better than expected earnings today. Hexaware results:

ICICI Bk: R1: 440, R2: 447.3, R3: 456.2, S1: 425.5, S2: 416.6, S3: 410.7

HDFC BK: R1: 953, R2: 961, R3: 969, S1: 936, S2: 928, S3: 919

ICICI Bk, HDFC BK waiting for clarification whether they will be reckoned as Indian entities for FDI.

Bartronics India: R1: 83.2, R2: 89.6, R3: 97.8, S1: 68.7, S2: 60.5, S3: 54.1

Bartronics India says to earn minimum revenue of Rs 5000 cr over 9 years in Delhi kiosks project.

Stock In News: UB Group, NTPC & Unitech

SEBI announces takeover norms for distressed companies; relaxes strict compliance of prov of chapter III in certain cases

Sources say: On special takeover code: -Open offer in most cases to be made unless specific exemption from SEBI. -SEBI working on changing preferential allotment guidelines

UB Group plans to offload stake in Aventis Pharma ((Co says had plans to sell all non-core investments in 12 months))

NTPC will be allowed to hike stake in JV/sub to 50% of networth as against current delegation of 30%

Telenor: -Plans To Up Stake In Unitech Wireless To 74% On Deal Closure -Plan To Launch Telecom Ops In India By Jul-Sep -Alert: Telenor's Current Plan Is To Have 60% Stake In Unitech Wireless

PSI Data Systems delisting offer opens today ((Aditya Birla Nuvo plans to buy 22.1 lakh shares, floor price Rs 45.3/sh, CMP Rs 60.35))

MMRDA Extends Deadline For Mumbai Metro Phase-II To March 16.

Cognizant Q4: -Revenues up 26% At $753 m (YoY); up 2.5% (QoQ). -Diluted US GAAP EPS At $0.38 Vs $0.32 (YoY) -Guides Atleast 10% Growth At $3.1 Bn For 2009

Pledge meter:
-M&M Promoters Pledged 8.09% Stake In Co
-Suzlon Promoters Pledged 25.85% Stake In Co
-Reliance Capital Promoters Pledged 4.03% Stake In Co
-Parsvnath Promoters Pledged 63.88% Stake In Co
-Provogue India Promoters Pledged 12.98% Stake In Co
-Logix Micro Promoters Pledged 3.26% Stake In Co
-Raj TV says promoters have not pledged any shares