BOR: Market Outlook: Indian markets may have a negative opening today on account of downbeat global cues.

Market Outlook: Indian markets may have a negative opening today on account of downbeat global cues. Nifty has supports at 4730-4750 and resistances are at 4890-4950. Intraday dips should be used as buying opportunity. Overall outlook for the markets today is that of cautious optimism as the overseas cues remaining weak and the Nifty staying above the 4830 levels will mean fresh upmoves. We can say the market is still up and we may see some sideways consolidation but the up move still is intact so far.

Global Events to Watch:

• US 4-Week Bill Announcement
• 3-Month Bill Auction
• 6-Month Bill Auction

Global indices Update @ 9:

Dow Jones : 9605 (-22.07)

Nasdaq : 2080 (-03.12)

S&P 500 : 1042 (-04.41)

Nikkei 225 : 10186 (-275.7)

Hang seng : 21224 (-224.5)

SGX CNX Nifty : 4810 (-37.5)

INR / 1 USD : 48.51

CRUDE OIL : 68.43 (-0.86)

Gold : 1002 (-2.00)

On the global counter: US markets snap 5-day winning streak on drop in oil prices & Asia trading weak; Nikkei slips 2.5%, Hang Seng down 1%. The US markets snapped a five-day winning streak on Friday as a sharp drop in oil prices and profit-taking offset an improvement in consumer confidence. he markets shrugged off an improvement in consumers' outlook. The university of Michigan-Reuters gauge of consumer sentiment jumped higher than expected to 70.2 in a mid-September reading against a final August reading of 65.7. Their outlook for the next year was the highest since September 2007 Among other economic data today, wholesale inventories fell 1.4% to their lowest level in nearly three years in July and import prices spiked 2% last month.

Stocks in action for the day: HDIL, Punj Lloyd, Bharti, Jet Air, Spanco

HDIL: HDIL directors admit to concealing income of Rs 350 crore -HDIL will have to pay taxes on concealed income: HDIL may have to pay approximately Rs 120 crore in taxes: -Concealed Income found within business premises: -HDIL admission based on discovery of incriminating financial documents: -IT department to submit final report based on recorded statements & seized documents: -Claim this is the biggest monetary disclosure in Mumbai IT circle -HDIL likely to be served with a notice in the near future

NTPC : -Not procuring LNG at $11/mmBtu -Buying spot gas at $8.72/mmBtu without take or pay clause RIL had said that NTPC buying gas at $11/mmBtu

Jet update: -Jet Airways-pilot impasse over -Offers 50% discount for 3 days to woo customers back -Jet looking to raise $400 million via QIP (qualified institutional placement)

Bharti-MTN deal update: South Africa (SA) Communication Minister on Bharti-MTN -South Africa Communication Minister says cautious on proposal -Any deal should take into account that MTN 'A South African o' Any deal should take into account that MTN has African footprint -We are interested that MTN should remain in South Africa South African govt-owned PIC holds 21% in MTN -SA govt has not come out in support of a deal as yet -Deal will have to come to SA govt for ratification/support

ADAG: -RIL charging illegal marketing margin of Rs 6.6/mmBtu -Marketing margin over 3% of price of gas being sold -Marketing margin does not have EGoM's (Empowered Group of Minister) approval -GAIL is not allowed to charge marketing margin -Petroleum Minister denies giving permission to RIL -Oil Minister's approach biased

Govt reacts to ADAG: -Govt only fixes landfall price & allocates gas -Other terms of sale decided between buyer & seller -Buyers can approach various bodies for relief -Buyers can always sign GSPAs under protest -RNRL itself buyer of gas for 1 plant in Andhra Pradesh

Wockhardt offers 65% discount to FCCB holders, $110 million bonds redeem on October 25, but CDR banks will have a final call

Everonn Systems changes its name to Everonn Education

Temptation Foods sells further 2.23% stake in Kohinoor Foods, stake down to 5.6%

Titan block deal: Tata Chemical sells 8.1 lakh shares @ Rs 1223.40/sh to Tata Sons for Rs 98 crore

Ex-bonus: Jindal Steel & Power ((5:1))

Ex-dividend: BEL (Rs 12.70)

Punj Lloyd bags Rs 550 crore order
Patni promoters revive stake sale talks
PNB to sell NPAs worth Rs 540 crore
3G auction slated to start on December 7
Tata Motors plans to raise Rs 2,000 crore via GDR issue
RBI approves further FII buying in Spanco and Tribhuvan housing

Intraday Nifty Outlook: Pivot Point: 4825 R1: 4860, R2: 4890, R3: 4924 S1: 4795, S2: 4761, S3: 4730