BOR: Market Outlook: Indian markets may have flat to positive opening today taking cues from the recovering asian markets.

Market Outlook: Indian markets may have flat to positive opening today taking cues from the recovering asian markets. Nifty has supports at 4300-4330 and resistances are at 4450-4500. Market structurally is still not very strong as we have an overhang of a strong resistance. Over outlook for the markets today is that of caution as the overseas cues and bull unwinding are likely to exert downward pressure. The Nifty spot will have to stay above the 4500 levels to remain bullish.

Nifty Outlook: Pivot Point: 4447

R1: 4519, R2: 4651, R3: 4723

S1: 4315, S2: 4242, S3: 4111

Indian ADRs: Tata Motors down 8%, ICICI Bank down 7%, HDFC Bank down 3%, Wipro, MTNL down 5%

On the global news: Wall Street declines; Dow ends down 186 points while Asia trading firm; Nikkei, Hang Seng, Shanghai up. The US markets plunged more than 2% in its worst single-session percentage loss in six weeks. The selloff came despite some encouraging economic news. Investors were uninspired by the news that the empire state manufacturing index moved into positive territory, signaling growth for the first time since April 2007. The reading came in better than expected at 12.08. In more economic news, the Fed and treasury opted to extend the term asset-backed securities lending facility or the talf. This helped the benchmark 10-year note climb a robust 28 ticks, pushing its yield below 3.5 percent for the first time since July. The Dow plunged 186.06 points, or 2%, to 9,135.34. The S&P 500 index fell 24.36 points, or 2.4%, to 979.73. The Nasdaq fell 54.68 points, or 2.8%, to 1,930.84.

Stocks in action for the day: HDFC, Nava Bharat Vent, Hero Honda, Cairn

Grupo Mexico: -Raises offer for Asarco to $2.2 billion -Says offer allows for full repayment of certain claims -Bid for Asarco: Confirmation hearings continue in bankruptcy court

HDFC QIP (qualified institutional placement): -Raises Rs 4300 crore via NCD (non-convertible debentures) with detachable warrants -Company to issue 2 & 3 year zero coupon bonds: Sources -Cumulative yields on 2 year NCD at 7.15%, 3-year at 7.85%: Srcs -Company to issue warrants convertible at Rs 3000/share ((CMP Rs 252)) -Investor to pay additional premium of Rs 275/warrant

RIL - -RIL to sell stake in 6 overseas hydrocarbon blocks -RIL subsidiary REP owns blocks up for saleMint Alert: -REP stands for Reliance Exploration & Production -RIL has an interest in 14 overseas blocks

Cairn India -Govt Panel okays Cairn interim Barmer crude delivery points -Cairn to deliver Barmer crude to MRPL, HPCL at Kandla port -Cairn to deliver IOC crude at Virangham, Bhogat, Radhanpur

Telecom - -Finance Ministry seeks early meet on spectrum allocation -Says no further allocation till final decision by govt -2G spectrum prices to be linked to 3G auction price

Essar - -Essar submits bid for Shell's Stanlow refinery in UK -Essar Oil says cannot comment on any specific proposal

Adani Power listing on Aug 20 ((issue price Rs 100))

Exclusive: Sources say NTPC to file SLP (special leave petition) at SC this week

Yamaha, Hero Honda to give Bajaj Auto a chase for Pulsar 220 – BS ((Both planning new launches to compete with Bajaj))

Berger Paints’ preferential issue to Nalanda India Fund priced at Rs 50.50/sh ((CMP Rs 45.80)) ((board had approved issue of up to 72 lakh shares))

Ex-dividend: Maruti @ Rs 3.50, L&T @ Rs 10.50,

RBI allows FIIs to buy up to 40% stake in Nava Bharat Ventures

F&O cues: Total Futures Open Int down by Rs 733cr

Total Options Open Int up by Rs 3670 crore

Nifty up 4.2%, Futures Open Int up 11%

Nifty August futures trading at 15 point discount

Stock Futures shed 3.2 crore shares in Open Int

Nifty IVs spike to 39-41% levels from 34%

Nifty Open Int PCR at 0.93 versus 1.01

Nifty Puts Adds 17.9 lakh shares in Open Int

Nifty Calls Add 58.5 lakh shares