BOR: Market Outlook: Indian markets may have flat to negative opening today on the back of weedy global cues.

Market Outlook: Indian markets may have flat to negative opening today on the back of weedy global cues. Nifty has supports at 4550-4580 and resistances are at 4730. Markets may witness some volatility on account of settlement day.Short-covering ahead of the F&O expiry is also expected to continue.

Global Events to Watch

• US Q2:09 GDp Numbers.
• US Jobless Claims.
• Us Q2:09 Corporate Profits.
• EIA Natural Gas Report.
• Money Supply data.

Global indices Update @ 9:

Dow Jones : 9543.5 (+4.23)

Nasdaq : 2024 (+0.20)

S&P 500 :1028 (+0.12)

Nikkei 225 : 10470 (-168)

Hang seng : 20271 (-185)

SGX CNX Nifty : 4,671 (-12.5)

INR / 1 USD : 48.83

CRUDE OIL : 71.15 (-0.28)

Gold : 945.70 (+1.4)

On the global space: Wall Street ends flat; New-home sales up 9.6% while Asian markets trading mixed; Nikkei down. The US markets ended flat as investors shrugged off encouraging economic reports. The five-year treasury auction also impacted sentiment. Economic news for the day was positive. New-home sales shot up 9.6% in July to 4 lakh 33 thousand units. The number blew past economists' expectation for a 1.6-percent increase. Meanwhile another report earlier in the day showed mortgage applications jumped 7.5%. An auction of 5-year treasuries produced a high yield of roughly 2.49%. The bid-to-cover ratio of approximately 2.5.

Stocks in action for the day: ICICI Bank, Infosys, Wipro, TCS, Cipla

Results today: Tata Steel Q1 consolidated

Open offers to spice up GOL bid: The takeover battle for the control of Great Offshore is entering the final lap with rival bidders—Bharati Shipyard and ABG Shipyard—getting ready to launch open offers for the shareholders of the country’s largest offshore services company by middle of September.

Maytas Infra dilutes stakes in highway projects to stay afloat: The company will offload its 30% stake in the Rs 600-crore Meerut-Muzaffarnagar highway project to two city based firms — Gayatri Projects and Nagarjuna Construction Company.

Rel Infratel in tower-sharing pact with Chennai telco: Reliance Communications’ (RCom) subsidiary Reliance Infratel is looking to sign a 10-year tower-sharing agreement with Chennai-based telecom operator STel a month after it signed a Rs 10,000-crore mega deal with Etisalat DB. The deal size, according to officials close to the development, is estimated to be Rs 800-1,000 crore with Rs 80-100 crore as annual revenues from the deal

Steel Industry update: -Proposal for safeguards levy duty on HRCs (Hot Rolled Coils) rejected Alert: Proposal was to levy 25% duty on HRCs

ICICI Bank: Introduces home loan offer for new customers -To charge 8.75% interest for loans up to Rs 20 lakh-To charge 9.25% interest for loans between Rs 20-50 lakh -To charge 9.75% interest for loans above Rs 50 lakh -New rates applicable only for new customers, effective August 20

BP (British Petroleum) awards 5-year $1.5 billion deal to Infosys, Wipro, TCS, Accenture and IBM

Cipla says Rs 500-600 crore capex planned for R&D, API for 2 years

Jindal Cotex IPO opens today, offer of 1.12 cr shares, excluding promoters contribution of 12 lakh shares; price band Rs 70-75 a share

Tinplate Company board meet on August 31 on rights issue

Sundaram Clayton board approves 1:1 bonus issue

78.4 lakh Orbit Corporation shares to hit market ((QIP issue))

Aban Offshore comes out of NSE F&O curb

HC rules Coco-Cola can avail tax credit on service tax it pays for advertising and promotion (The judgment will help FMCG and Pharma companies)

Oil Ministry mulls defamation suit against RNRL – Agencies (Law ministry however advises not to file suit)

Alstom plans metro rail coach facility in Chennai

Intraday Nifty Outlook: Pivot Point: 4679 R1: 4699, R2: 4718, R3: 4738 S1: 4660, S2: 4640, S3: 4622