BOR: Market Outlook: Indian markets may have flat to negative opening today following to the global sentiments.

Market Outlook: Indian markets may have flat to negative opening today following to the global sentiments. Nifty has supports at 4380-4400 and resistances are at 4550-4600.

Results today: Birla Power, Nocil

Indian ADRs ended mostly lower on Monday. In the telecom space, MTNL was down 7.26% at $ 4.6 and Tata Communication was down 5.1% at $ 19.74. In the banking space, ICICI Bank was down 4.02% at $ 31.31 and HDFC Bank was down 3.1% at $ 99.33.

On the global front: Wall Street ends flat; Dow up 1 point While Asia trading mixed; Hang Seng up, Nikkei down. The US markets ended Monday trade flat after a late rally fizzled out. Financials bounced back from an early decline. JP Morgan, American Express and Bank of America were the three biggest percentage gainers on the Dow. In other news, the Supreme Court temporarily halted the sale of Chrysler to Italy's fiat after an Indiana pension fund and consumer groups petitioned the high court. The Dow was up 1.36 points, or less than 0.1%, at 8,764.49. The S&P 500 index slipped 0.95 points, or 0.1%, to 939.14, and the NASDAQ Composite Index fell 7.02 points, or 0.4%, to 1,842.40.

Stocks in action: Pantaloon, Omaxe, Areva, Rel Comm, HUL

Omaxe board approves: -QIP (qualified institutional placement) issue up to Rs 1800 crore -Increase FII investment limit up to 40% from 24%

Pantaloon Retail board approves: -Raising long term funds up to Rs 1000 crore
-Merger of subsidiary Home Solutions Retail with itself TPG leads race for stake in Pantaloon, retailer looking to sell stake at Rs 400/share

ONGC: -Government considers reimbursing company royalty on Rajasthan crude
-No pressure from government to approve Rajasthan block investment: ONGC -Alert: ONGC holds 30% in Cairn Rajasthan block. To levy 4% VAT on Cairn crude output: Rajasthan government aide

Ashok Leyland May Sales: -Total production at 2,657 units versus 8,271 units -Total sales at 1,977 units versus 5,576 units -Exports at 280 units versus 415 units

Index changes in Nifty Midcap 50 Index from June 26:

-Inclusions: IDBI Bank, JSW Steel, United Phosphorous, Cummins, Educomp

-Exclusions: Bombay Dyeing, Mahindra Lifespace, Peninsula Land, Kesoram Ind, TVS Motor

Board meets: Indage Vintners to consider ADR / GDR / FCCB / warrants issue

Shri Lakshmi Cotsyn to consider Rs 1200 cr capex plan, pref issue

Shiv Vani Oil on fund raising

Moody's downgrades Tata Steel to Ba3; outlook stable

HUL plans to sell 49% stake in BPO arm by 2010

SC allows TVS to manufacture "Fame", but can't sell it

Reliance Communication, Alcatel-Lucent close to Rs 3,000 crore outsourcing deal

Areva T&D bags 4 new orders worth Rs 350 crore from Power Grid

Saregama India board approves issue of 27.3 lakh shares on preferential basis

Indowind Energy boards meet on June 17 to consider restructuring FCCBs

Ex-dividend: Britannia @ Rs 40

Rishabhdev Technocable follow on public issue closes today