BOR: Market Outlook: Indian markets may have flat to positive opening today on account of mxed performance from the global cues.

Market Outlook: Indian markets may have flat to positive opening today on account of mxed performance from the global cues. Nifty has supports at 4650-4730 and resistances are at 4850-4900. Midcap may continue to outperform. The mood in world markets are on upbeat following a statement over the weekend meeting by the G-20 groups of major economies.

Global Events to Watch:

• Consumer Credit
• ICSC-Goldman Store Sales
• 4-Week Bill Announcement

Global indices Update @ 9:

Dow Jones : 9441 (+96.66)

NASDAQ : 2018 (+35.58) Labor day holiday

S&P 500 : 1016 (+13.16)

Nikkei 225 : 10317 (-3.75)

Hang seng : 20762 (+133.48)

SGX CNX Nifty : 4710 (+26)

INR / 1 USD : 48.75

CRUDE OIL : 68.38 (+0.36)

Gold : 997.7 (+2.80)

On the global counter: US markets were closed on the eve of labor day whilr Asia trading mixed; Shanghai Composite down, Hang Seng up.

Stocks in action for the day: Wall Street Fin, L&T, ITI, McNally Bharat

Oil India IPO subscribed 1.28 times on day 1, QIB portion 2.3 times ((issue closes on September 10))

Wall Street Finance: -BK Modi acquires 51% stake in Wall Street Finance -Spice Investment acquires 14.4% stake in via block deal at Rs 55/share -Spice Investment acquires remaining 36.6% in off market transaction -Spice Investment to make an open offer for 20% -Open offer at Rs 55/share, opens on October 30, closes on November 18 Reliance Money last week sold 36.8% stake via inter-se promoter sale at Rs 55/share

WB (West Bengal) Govt says: -Proposed IT township in Rajarhat scrapped -Infosys, Wipro informed of non-availability of land -Infosys & Wipro were allotted 900 acres each: -Land allotted to Infosys & Wipro valued at Rs 1500 crore:-Infosys Says: Was promised 100 acres of land; plan to invest Rs 250 crore

Gateway Distriparks: -To sell up to 25% in subsidiary Gateway Rail Freight -To raise Rs 300 crore via stake sale to PE firm

WSJ Report: -Adlabs plans Rs 250 crore expansion in FY10 -Adlabs to set up a BPO centre in Navi Mumbai-Investment in BPO planned at Rs 150 crore

West Bengal scraps Infosys, Wipro projects: The projects proposed by Infosys Technologies and Wipro in a township just outside the state capital has been scrapped, the West Bengal government informed the two IT majors on Monday.

Citigroup Global raises stake in PSL to 5.38 pc: Foreign fund house Citigroup Global Market (Mauritius) Pvt Ltd increased its stake in steel pipes manufacturer PSL Ltd to 5.38 per cent. Citigroup Global Markets acquired 3.22 lakh equity shares of the firm, increasing the total holding in the company to 28.74 lakh equity shares (approximately 5.38 per cent of the total paid up equity),

Indiabulls Power drops Rs 400-cr pre-IPO offer: Indiabulls Power, which is set to go public shortly, has decided to cancel the Rs 400-crore placement made ahead of its initial public offering. Some of the institutions, which participated in the placement, said they have been refunded the amount they invested.

L&T leads race for Rs 7,000 crore Mahagenco project

Board meets: HCL Info FY09 ended September results

Gujarat NRE Coke board meet on September 19 on issue of bonus shares with differential voting rights ((lower rights than regular shares))

McNally Bharat board approves 1:10 rights issue at Rs 140, to raise Rs 43.5 crore ((CMP Rs 191))

ITI says plan to bid for MTNL's WiMAX Franchisee Deal

2.77 crore Nagarjuna Construction shares to hit market ((QIP issue))

Ex-bonus: Navneet Publications @ 3:2

Indian ADRs: HDFC Bank, ICICI Bank up 3%, Tata Motors up 2%, Infosys, Wipro up 1%

Intraday Nifty Outlook: Pivot Point: 4750 R1: 4822, R2: 4861, R3: 4932 S1: 4711, S2: 4640, S3: 4600