BOR: Market Outlook: Indian Markets will have negative opening today on account of weak global cues as US mkts slide on GDP cut from World Bank.

Market Outlook: Indian Markets will have negative opening today on account of weak global cues as US mkts slide on GDP cut from World Bank. Nifty has supports at 4100-4160 and resistances are at 4330-4350. Overall outlook for the markets today is that of caution as the bulls are on the ropes due to margin calls and the impeding expiry of the June F&O series. The overseas cues being negative, the sentiments will be weak. One can expect a recover action in the final hour of the day.

F&O Cues: Fresh long positions were seen Ispat Industries, Jaiprakash Hydro, Suzlon Energy and HCC; cost of carry of all these stocks also surged. Fresh short positions were seen in Kingfisher Airlines.

Nifty Outlook: Pivot Point: 4269
R1: 4317, R2: 4400, R3: 4448
S1: 4187, S2: 4139, S3: 4057

Results today: Religare Enterprises, Bilpower, Cyber Media, Deccan Cements, Insecticides (India).

Indian ADRs: Satyam down 11%, HDFC Bank down 7%, Tata Motors, Wipro down 6%

On the global front: US mkts slide on GDP cut from World Bank; Dow down 200pts & Asia trading weak; Hang Seng, Nikkei down 3%. The Wall Street suffered its worst day in two months as markets closed deep in the red, the S&P 500 slipped below 900. Financials and commodities led the stocks down. Losses were further fuelled by news that the World Bank cut its forecast for major economies like that of the US. The market breadth was sharply negative, with the losers beating the gainers more than 6 to 1. The CBOE volatility index also jumped up 11% to 31.17. The Dow slipped 200.72 points, or 2.4%, to 8,339.01. The S&P 500 index fell 28.19 points, or 3.1 %, to 893.04. The NASDAQ Composite Index fell 61.28 points, or 3.4%, to 1,766.19.

Stocks in action for the day: Great Off, Sobha, REC, Bharti, NTPC

ABG Shipyard: -Makes counter offer for Great Offshore at Rs 375/share -Alert: Bharati Shipyard open offer was at Rs 344/share

Sobha Developers- Exclusive: Sources: -Sobha Developers puts QIP (qualified institutional placement) on hold -Alert: Sobha had sought to raise $ 105 million -Sobha QIP: SEBI's 2-week average pricing unfavorable -Sobha to go ahead with QIP once pricing restores

DoT- Exclusive: -DoT (Department of Telecommunications) replies to DEA (Department of Economic Affairs) request for info on Bharti-MTN deal -DoT to DEA: wait for Bharti to move

FIPB (Foreign Investment Promotion Board), details to be available then

Board meets: -Cyber Media on merger with CyberMedia (India) Online -Orient Abrasives,

Vishal Information on bonus issue -Supertex Industries on stock split

REC (Rural Electrification Corporation) to raise loans worth Rs 28,000 crore in FY10: Sources

Bharti Airtel, Reliance Communications looking to bid for Kuwaiti telecom Company Zain's African operations: Agencies

Siemens bags Rs 112 crore orders from Vedanta Aluminium

Hindustan Dorr Oliver bags Rs 53 crore orders from HPCL-Mittal Energy

NTPC buys 44.6% stake in Kerala-based Company for Rs 31.34 crore

Gremach Infra boards meet on June 27 on fund raising

IDBI cuts deposit rates by 25-50 bps

Mint Exclusive: Kirloskar Brothers to spin off non manufacturing investments

Union Bank says no plan to cut deposit rates anytime soon

Trading in Aztecsoft to be suspended from today (amalgamation with MindTree)

Mahindra Holidays IPO opens today, offer of 92.65 lakh shares, price band Rs 275-325