BOR: Market Outlook: Indian markets will have gap up opening today on account of strong global cues.

Market Outlook: Indian markets will have gap up opening today on account of strong global cues. Nifty has resistances are at 4300-4350. Short term traders should book profit at higher levels.

Economic Alert: Inflation seen down 1.38 pc y/y on July 4: The wholesale price index (WPI) is forecast to have dropped 1.38 per cent in the 12 months to July 4, a smaller fall than the previous week after a fuel price rise, If realised, it would be the fifth straight annual fall in the WPI's. The index fell an annual 1.55 per cent in the previous week.

Nifty Outlook: Pivot Point: 4200

R1: 4282, R2: 4331, R3: 4413

S1: 4151, S2: 4069, S3: 4020

Results today: L&T, Bajaj Auto, Bajaj Holdings, Zee Entertainment, Welspun Gujarat, Mid-Day, Polaris, Exide Industries, ICI India, Nitin Fire, Opto Circuits, VST Industries, Novartis

On the global front: US markets surge 3% after FOMC minutes & Asia trading higher; Hang Seng, Nikkei up 2%. The US markets closed sharply higher after Intel's earnings beat estimates and June FOMC minutes. Also a slew of economic reports indicated stronger signs of a turnaround. In economic news, readings on New York manufacturing, consumer prices, industrial production and mortgage applications each provided hope for the economy. While none was particularly buoyant, each beat analyst expectations. JP Morgan, Google and IBM will be declaring their results today. The Dow gained 256.72 points, or 3.1%, to 8,616.21. The S&P 500 index added 26.84 points, or 3%, to 932.68, while NASDAQ Composite Index gained 63.17 points, or 3.5%, to 1,862.90.

Stocks in action for the day: Sterlite, Rel Infra, GVK Power, Maruti

Sterlite: -Offers follow on ADS (American Depositary Shares) worth $1.5 bn
-Files SEC filing for ADS -ADS to be priced at not less than Rs 591/share ($12.14)
-Equity dilution of up to 17.4% -Vedanta to buy up to $500 million in Sterlite ADS
-Alert: each Sterlite ADS represents one domestic share

Stelite ADS proceeds: -For further development of power business in India -For capex & potential acquisitions

RIL-RNRL Case Update: Exclusive: -Govt may reply to SC notice on Friday: Sources -Govt affidavit may ask SC not to disrupt existing GSPAs: Srcs -Govt may ask SC not to disrupt current supplies: Srcs

IndiaBulls Real Estate subsidiary IndiaBulls Power files DRHP with SEBI for IPO
Sources on IndiaBulls Power IPO -Company will offer 34 crore shares; will have green shoe option -Company will raise Rs 1500-1600 crore -I'bulls realty stake will fall from 71% to 57% post IPO

Maruti Suzuki: -To re-launch Versa this year -Company declines to comment on future launches

GVK Power: -17.33 crore QIP shares to hit the market today
-Promoters not to subscribe to convertible warrants ((had planned warrants issue to increase stake post QIP, but as QIP size was lower than planned, holding fell to just below threshold of 55%))

CMC Q1 Consolidated (QoQ): -Net sales at Rs 210.5 crore versus Rs 237.8 crore
-Net profit at Rs 28 crore versus Rs 38.5 crore

Bajaj Finserv Q1 consolidated: -Net profit at Rs 42 crore versus loss of Rs 36 crore -Revenue at Rs 106 crore versus Rs 67 crore

New listing: Mahindra Holidays, issue price Rs 300 a share

MERC stays Reliance Infrastructure tariff hike

Jubilant Organosys says in talks with 4-5 companies for CRAMs contracts

Oil companies to cut jet fuel prices by average 5.5% from today

ONGC begins crude oil production in Brazil

Dabur eyes acquisitions up to Rs 500 crore in healthcare

Gujarat NRE Coke to invest Rs 536 crore this fiscal for expansion

Tata Steel venture to start coal production in Mozambique soon

Jet-Sahara fail to reach out of court settlement over their takeover deal

Board meets: Gorani Industries to resume trading, no circuit filter today