BOR: Market Outlook: Expect Indian markets to open flat to positive movement on the back of mixed global cues.

Market Outlook: Expect Indian markets to open flat to positive movement on the back of mixed global cues. We may see some support emerging around 14385 levels while the market bounced back from our higher support of 14551 thus indicating strength in the days to come. By the end of this week, some amount of consolidation or correction in index should get over which will open up chances for the markets to start marching ahead once again.

Nifty Outlook: Pivot Point: 4492

R1: 4620, R2: 4690, R3: 4817

S1: 4423, S2: 4295, S3: 4225

Results today: Tata Tea

Indian ADRs: Satyam up 34% ((10% circuit on Indian exchanges)), Wipro up 5%, Infosys up 4%, HDFC Bank up 3%

On the global front: US markets end flat after a choppy session while Asia trading higher; Hang Seng, Nikkei up After a choppy session US markets ended flat. Most financials traded in the green after ten banks were allowed to repay capital they received through the troubled asset relief program. The companies are expected to give back some 68 billion dollar. On the economic front, wholesale inventories shrunk by 1.4% in April. More than the 1.2% decline expected. It marked the eighth straight month that inventories were slashed. The Dow Jones Industrial average was down 1.43 points, or less than 0.1%, to 8,763.06. The broader S&P 500 index added 3.29 points, or 0.4%, to 942.43, and NASDAQ Composite Index rose 17.73 points, or 1%, to 1,860.13.

Stocks in action for the day: HDFC, ING Vysya Bank, Merck, HCC

Praful Patel on Airlines: -No stimulus package for aviation -Decision on allowing foreign airlines to invest in Indian aviation soon -See Air India IPO happening by second half of 2010

ED says: ATR on stock market scam: -Further probing Ketan Parekh's role in Satyam as part of scam -Closes case against Balaji Tele; drops all charges against GTB -No violation of FEMA for Nirma, GTL, Cadila, Aftek Infosys and Kopran -Investigations still underway for Ranbaxy & Pentamedia graphics -Probing FEMA violation in Satyam for last 5 years -Wants adjudication complete against Zee Tele by June end

HDFC to raise Rs 4,000 crore via NCDs, Detachable Warrants to QIBs (price of warrants to be decided at time of issue, maximum equity dilution on conversion will be 3.5% of expanded capital)

Sources say ING may be looking to sell out of ING Vysya Bank

Commerce Secretary says case for import curbs on Chinese Steel now: NW18

Exclusive: Tata Motors asks vendors to start setting up assembly lines at Sanand.

HCC promoters not to convert 75 lakh warrants ((issued at Rs 202.50 in December 07, CMP Rs 117))

Merck buy back up to Rs 435/sh, opens today ((CMP Rs 389))

Shri Lakshmi Cotsyn board approves Rs 1200 crore capex plan, preferential issue of 25 lakh warrants

Board meets: Asian Electronics on fund raising

Ex-dividend: SBI @ Rs 10

Tax sops for EoUS, STPIs to stay till 2013 (To benefit RIL and technology companies)

Aro Granite buy back at a price not exceeding Rs 55/sh ((CMP: 45))