BOR: Market Outlook: Indian markets may have a flat to positive opening today.

Market Outlook: Indian markets may have a flat to positive opening today. Nifty has supports at 4600-4620 and resistances are at 4800-4850. Market may see some consolidation here. Overall outlook for the markets today is that of guarded optimism as the Nifty must remain above the 4700 levels for the bulls to regain their hold. Sugar counter to be in action for the day as Global sugar surge may push local prices beyond Rs 30/kg

Nifty Outlook: Pivot Point: 4684, R1: 4727, R2: 4773, R3: 4816 S1: 4638, S2: 4596, S3: 4549

Indian ADRs: Satyam up 7%, Infosys, Wipro up 1%, Tata Motors up 4%, ICICI Bank down 1%

On the global front: Wall Street ends with moderate gain & Asia trading mixed; Hang Seng up, Nikkei down. It was a choppy session on the Wall Street and the US markets ended with modest gains. The S&P 500 held above the 1,000 mark, a level it achieved on Monday for the first time since November, 2008. In economic news, pending-home sales jumped 3.6% in June, well above expectations of a 0.6% increase. It was the fifth straight monthly gain and the longest such streak in six years. June personal income fell more-than-expected at 1.3%. It was the biggest drop in four-and-a-half years. But consumer spending rose 0.4% in June, slightly more than expected, and helped by spending on nondurable goods. The Dow Jones Industrial Averagerose 33.63 points, or 0.36%, to close at 9,320.19. The S&P 500 Index added 3.02 points, or 0.30%, to 1,005.65. The Nasdaq Composite Index was up 2.70 points, or 0.13%, to end at 2,011.31.

Stocks in action for the day: ABG Ship, Great Off, Rel Infra, HCL Tech & Deccan Chronicle

Tata Motors in talks with SBI for JLR loan; -SBI to counter-guarantee UK Govt guarantee

ABG Shipyard:-Ups Great Offshore open offer price to Rs 520/share -Says bought 1.5 lakh Great Offshore shares on Monday at average of Rs 498.4/share

Cairn India: Did not issue press release on production of crude from Rajasthan field -Press release is a hoax, issued fraudulently without consent

Andhra Govt: -RIL to pick up 67% in Krishna Godavari gas network -GSPC to hold 11% in Krishna Godavari gas network

Ashok Leyland: -July total sales at 4,065 units versus 6,202 units; -Exports at 505 units versus 700 units

HRC: Proposed safeguard duty levy on HRC to be taken up again -Safeguard levy of 25% proposed on hot rolled coils -DGS proposed 25% duty on steel makers' demand

Board meets: -ING Vysya Bank on GDR / FCCB / QIP / rights issue -Kemrock Industries on ADR / GDR / FCCB issue

Cognizant Q2: Revenue up 4% at $776.6 million (QoQ) -Net profit up 25% at $141.3 million (QoQ) -Q3 guidance: revenue growth seen up 3% at $800 million -CY09: revenue guidance increased to 11.5% growth-CY09 guidance: revenue growth seen at $3.14 billion
-Alert: CNBC-TV18 revenue poll was $774 million

Axis Bank to raise funds via 7.14 crore shares QIP, GDR issue

Reliance Infrastructure gets Rs 11,000 crore Mumbai Metro II project

Exclusive: HCL Tech BPO in final stages of UK acquisition, deal size between $100-150 million

Tata Steel source says company in talks for supply to Toyota’s small car project:

HCC gets Rs 229 crore order for Goshikhurd Power Project

WWIL board approves - Rights issue of 23.67 crore shares at Rs 19/share; ratio of 109 shares for every 100 shares

PVR board approves merger of 100% subsidiary Sunrise Infotainment with itself

Deccan Chronicle buy back opens on August 12 ((offer at up to Rs 100/share))

Aegis Logistics buy back opens on August 10 ((offer at up to Rs 143/share))

Indiabulls-MMTC get FMC nod for Indian Commodity Exchange

Harbinger backs Sterlite in Asarco acquisition ((Harbinger is among largest bondholders in Asarco; had offered $500 million for stake in company))