BOR: Market Outlook: Indian markets will have flat to negative opening today.

Market Outlook: Indian markets will have flat to negative opening today. Nifty has supports at 4400-4450 & resistances are at 4580-4650. Market may consolidate & Nifty is expected to trade in a broad range of 4450-4650. Yesterday indices have closed in the upper end of the intraday range, with positive market internals and higher volumes. These are indications of bear covering and mild buying.

Nifty outlook: Pivot Point: 4487

R1: 4568, R2: 4619, R3: 4700

S1: 4436, S2: 4355, S3: 4304

ADR update: Satyam up 14%

On the global face Wall Street declines; Dow ends down 107 points while Asia trading mixed; Hang Seng down, Nikkei up. The US markets lost weight and ended in the red zone. Stocks opened the session higher boosted by encouraging housing starts. US financials skidded and dragged the markets lower. The CBOE Volatility Index ticked up another 5% higher to end at 32.68. In economic data, a report showed that the US housing starts surged 17.2% in May after sliding 12.9% in April. In other data, producer prices rose at a slower pace at 0.2% while core prices dropped 0.1%. Industrial production fell 1.1% in May, after a 0.7% drop in April. The Dow Jones declined 107.46 points, or 1.3%, to 8,504.67. The S&P 500 index fell 11.75 points, or 1.3%, to 911.97, while the NASDAQ Composite Index fell 20.20 points, or 1.1%, to 1,796.18.

Stocks in action for the day: Jindal Steel, Power Grid, Unitech, GVK

Godrej Consumer: -Godrej Consumer Products acquires 50% in JV with Swedish SCA hygiene products. Godrej already held 50% in the JV.

Board meets today: -WWIL, GSFC, Spice Communication, Trent, SICAL Logistics: Results -Indowind: To consider FCCB issue -Kaaveri Telecom: Rights issue

NHAI says: -May scale down BOT (build-operate-transfer) toll highway projects to be awarded this year -Alert: NHAI was to invite bids for 70 BoT tolls worth Rs 70,000 crore in next 4 months -Projects not viable as BoT toll to be annuity based

Power Grid FY09: -Net profit at Rs 1,690 crore versus Rs 1,448 crore -Net sales at Rs 6,676 crore versus Rs 4,702 crore

Bajaj Auto: Sources Say: -To launch the fastest bike made in India on June 23rd
-New 220 Cc Pulsar’s speed over 140 Kmph -New bike likely to compete with Yamaha's R15 and FZ16 ((which have eroded Bajaj’s Pulsar market share badly)) -Bike likely to be priced around Rs 70,000 (ex-showroom, Delhi) -Aims to maintain its 50% market share in sports bike segment -: Sports bikes segment priced Rs 65,000 and above: Yamaha R15 sells about 1500/month including exports RBI bars FII buying in Bajaj Auto as 24% limit is hit

HSBC Holdings: To make delisting offer for Investsmart, to make offer for residual 6.14% stake in Investsmart

Jindal Steel and Power to replace RPL (Reliance Petroleum) in Nifty from today

Jaiprakash Associates’ 21.7 crore treasure shares to list today; shares created on account of amalgamation of group companies

DoT (Department of Telecom) proposes 17 July for inviting 3G Applications FIPB may take up Telenor proposal to hike stake in telecom JV Unitech Wireless to 74% on Friday:

Dish TV still in NSE F&O curb period

US based Indigo partners have shown interest in funding Kingfisher

MIAL, a JV between GVK and Airport authority has put 200 acres of land on block valued at around Rs 10,000 crore

KKR owned First Data emerges successful bidder for ICICI Bank’s PoS, deal valued at Rs 350 crore

Hotel occupancies dip 30% in April-May as companies cut costs

Max India looks to sell 23% stake in New York Life Insurance once FDI in insurance in hiked – BS (Max life holds 74% stake)

Mahindra Holidays IPO opens on June 23, close on June 26 (other stocks like Sterling Holidays, Country Club to be in focus)

Sundaram Brake rights issue closes today, issue price Rs 122, ratio 9:20

Godrej Consumer buys out JV partners SCA’s stake in Godrej SCA Hugiene

Federal Bank, Catholic bank merger likely in a month

Candian firm may buy 5% in NSE, rope in IL&FS