BOR: Market outlook: Indian market may have flat to positive opening today following the mixed performance on the global peers.

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Market outlook: Indian market may have flat to positive opening today following the mixed performance on the global peers. Nifty has supports at 4400-4436and resistances are at 4525-4580.Traders should wait for dips to go long.

Nifty Outlook: Pivot Point: 4476

R1: 4516, R2: 4564, R3: 4603

S1: 4429, S2: 4389, S3: 4241

Wipro result Update: Q1 earnings: Net profit at 1,015 cr vs 1,010 cr(QoQ) | IT services margin at 22.3% in Q1 | Q1 EPS at Rs 6.95 Consolidated net sales stood at Rs 6289.10 crore for the quarter ended June 30 2009 compared with Rs 6482.10 crore the quarter ended March 31,2009. The company’s revenue increased by 5% year-on-year to Rs. 6,274 crore while net profit grew by 12% year-on-year to Rs Rs. 1,016 crore.

Results today: BHEL, HDFC, Tech Mahindra, Mastek, Piramal Healthcare, IFCI, India Cements, Hindustan Zinc, Ansal Housing, Aventis Pharma, Canara Bank, Finolex Cables, GTL, Jindal Drilling, Kale Consultants, Kalindee Rail, Lakshmi Energy, Maharashtra Seamless, NDTV, Spice Communications, TCI, Unichem Labs, Visa Steel, WWIL

On the global face: Wall Street ends with moderate gain; Dow up 68 pts while Asian markets trading mixed; Nikkei up, Hang Seng flat. The US markets ended with modest gains after a late rally. The market had a more muted response to corporate earnings. The Dow gained 67.79 points, or 0.8%, to 8,915.94. The S&P 500 index rose 3.45 points, or 0.4%, to 954.58. The NASDAQ rose 6.91 points, or 0.4%, to 1,916.20.

Stocks in action for the day: Dr Reddy, Infosys, Tata Power, NTPC, NMDC

Bharti-MTN - -Bharti-MTN may extend deadline for exclusive talks -Bharti-MTN due diligence still on -Bharti-MTN management meetings underway
-Several agreements being worked on

Tata Power: -Launches $250 million GDR issue, with option to retain higher amount -To raise $400 million at Rs 1,090/sh: Sources

Forest Lab Concall: -No additional information on Oglemilast -Announcement on progress of Oglemilast to come in this quarter -Alert: Glenmark up 8% yesterday on hopes of progress of Oglemilast

Adani Power: -Fixes IPO price band at Rs 90-100/share -Minimum IPO bid slot set at 65 shares

Moody’s says - Tata Steel: -Tata Steel rating unaffected on company’s planned GDR issue -Tata Steel rating maintained at Ba3; outlook stable: Moody’s -Tata Steel GDR issue to help cover cash flow deficit: Moody’s

ITC: -Rs 4,000 crore greenfield project planned for paper business -Rs 8,000 crore investment planned for hotel business

SAIL Says: -To expand capacity to 23 million tonnes by 2012 -May lower prices of long products

Deccan Chronicle: -Gets SEBI nod for buy back -Alert: Company plans to buy back 3.5 cr shares at max Rs 100/sh ((CMP Rs 81.70)) -Alert: SEBI grants exemption from making open offer

Steel ministry says likely to approve disinvestment of NMDC & MOIL

UK govt on JLR loan: Waiting for Tata Motors’ response to government’s offer

Infosys bags order for eBiz project from Commerce Ministry

NTPC seeks legal view on Govt petition

Forensic review on at Bank of Rajasthan to look into some irregularities ((Certain transactions at Lucknow of Sahara were suspicious))

Reliance Infrastructure buys 51% of Rel Cementation from RNRL

Zensar Technologies board meet on July 23 on buy back

Adhunik Metaliks board meet on July 29 on merger of Zion Steel with itself

Vaghani Techno Build, S&T Corporation to resume trading from July 22

Ex-dividend: Tata Communications @ Rs 4.50

Dr Reddy’s Q1 YoY (IFRS) : -Net Sales up 20% at Rs 1819 crore versus Rs 1503.8 crore ((Estimates Rs 1809.34 crore) -Operating Profit at Rs 279 crore versus Rs 163.3 crore -OPM at 15% versus 11% -Net Profit at Rs 244.5 crore versus Rs 111.5 crore ((Estimates Rs 187.84 crore))