BOR: Market Outlook: Indian Markets will have negative opening today on account of weak global cues so far the trend is still intact up and volatility

Market Outlook: Indian Markets will have negative opening today on account of weak global cues so far the trend is still intact up and volatility is not ruled out on the F&O expiry day. Nifty has supports at 4150-4200 and resistances are at 4350 -4400.Overall outlook for the markets today is that of guarded optimism as expiry related considerations will dominate the sentiments.

Nifty Outlook: Pivot Point: 4215

R1: 4316, R2: 4356, R3: 4457

S1: 4175, S2: 4075, S3: 4034

Indian ADRs: MTNL up 11%, Sterlite up 6.7%

Results Today: L&T, M&M, SAIL, Nagarjuna Construction, Chennai Petroleum, Tata Power, Tata Chemicals, PSL, Gokaldas Exports, Hindustan Dorr-Oliver, Bajaj Electricals

On the global front: Wall Street declines; Dow ends down 173 points & Asian markets trading lower; Straits Times down. The US markets slid after a spike in Treasury yields spurred concerns that the government's efforts to reduce interest rates would fail. The yield on the benchmark 10-year note rose above 3.7% to a fresh 2009 high. In economic news, existing home sales for April came in at an annualized rate of 4.7 million, in line with expectations. There was some disappointment in the House Price Index for March, which decreased 1.1% month-on-month. It was expected to increase 0.2%. The Dow fell 173.47 points, or 2.1%, to 8,300.02. The S&P 500 index fell 17.27 points, or 1.9%, to 893.06, and NASDAQ Composite Index slipped 19.35 points, or 1.1%, to 1,731.08.

Stocks in action for the day: DLF, Idea, HPCL, BHEL, TTK Healthcare

DLF -DE Shaw reconsidering exiting investment in DLF Assets Ltd (DAL) -DE Shaw’s put option to sell stake to DAL lapsed on May 22; management declines to comment

Novartis: -Novartis revise open offer price to Rs 450/sh -Alert: Novartis original open offer price was Rs 351/sh

Tata Motors:-Tata Motors World Truck to be launched today-Tata Motors completes refinancing of the JLR debtTelang to replace Ravi Kant after he retires on May 31, Kant will assume role of non executive chairman, Nerurkar to replace Muthuraman after he retires in September

Bharti-MTN Deal: From Agencies SA's COSATU says unlikely to block deal: Agencies
Bhart-MTN deal will trigger open offer clause

BHEL Q4 FY09 YoY-Net sales at Rs 10540.07 crore versus Rs 7202.04 crore-OPM at 15.14% versus 17%-PAT at Rs 1347.47 crore versus Rs 1110.87 crore-EPS at Rs 27.53 versus Rs 22.69

BHEL FY09 YoY (non-consolidated) -Net sales 35% at Rs 26234.19 crore versus Rs 19365.46 crore-PAT up 9.75% at Rs 3138.21 crore versus Rs 2859.34 crore-EPS up at Rs 64.11 versus Rs 58.41 (*Provisional sales at Rs 27505 crore versus PAT at Rs 3039 crore) BHEL - FY09 (Consolidated)-Net Sales at Rs 26513.26 crore-PAT Rs 3115.17 crore-EPS Rs 63.64

Britannia Industries: -Britannia Industries board approves issue of bonus debentures by drawing upon the general reserves (Rs 406 crore)-Bonus debentures at a face value of Rs 170-Debentures considered as deemed dividend, Britannia would bear DDT of 16.995% (Rs 69 crore from general reserve)

Axiata (Formely Telecom Malaysia) mulls open offer to raise stake in Idea, wants to increase stake to atleast 26%

Swiss Re, Religare in talks to form health JV – ET (Swiss Re already holds 26% stake in TTK Healthcare)

Unique subsidy sharing formula to rescue HPCL from sinking into red, may report a marginal profit of Rs 200 crore in 08-09

Infosys eyes $250 million British Petroleum deal

Cairn's Rajasthan oil to flow from next week

Gammon Infra board approves further issue of capital of Rs 500 crore to QIBs (EGM on June 30th)

Strides Arcolabs allots 62 lakh warrants at a price of Rs 91.15/sh on preferential basis to promoters

Parsvanath Developers EGM on June 30th to consider raising funds and increase in FII limit from 24% to 40%

Godrej Consumer Products Board approves the proposed acquisition of 49% stake in Godrej Sara Lee

NSE to exclude Bajaj Holdings, Corporation Bank and IndusInd Bank from F&O after expiry of May series ((June and July contracts would continue)), takes the total number of F&O inclusions to 53\