BOR: Market Outlook: Indian markets will have negative opening today on account of weak global cues.

Market Outlook: Indian markets will have negative opening today on account of weak global cues. Nifty has supports at 4480-4500 and resistances are at 4700-4740. Market may remain weak for a few trading session. Global cues are directing market so one has to keep eye on the events to watch today in the peers counter. In commodities, crude prices fell nearly 3% to around USD 68, the lowest settlement since August 17 as economic concerns sent investors into safer havens, outweighing positive US manufacturing and home sales data. However, it has inched up a bit higher.

Global Events to Watch:

• US- Challenger Job-Cut Report
• US- ADP Employment Report
• US- Productivity and Costs data
• US Factory Orders
• US- EIA Petroleum Status Report
• US- MBA Purchase Applications

Global indices Update @ 9:

Dow Jones : 9310 (- 185)

Nasdaq : 1968 (-40.17)

S&P 500 : 998 (-22.58)

Nikkei 225 : 10253 (-276.88)

Hang seng : 19557 (-314)

SGX CNX Nifty : 4593 (-22)

INR / 1 USD : 48.73

CRUDE OIL : 68.43 (-1.53)

Gold : 956.5 (+4.80)

On the global counter: Dow ends 2% down, S&P below 1K; financials drag & Asia trading lower; Nikkei down 2.6%, Hang Seng down 1.5%. The US markets started the month of September with a sharp selloff on the back of worries about more bank failures and the fact that the market may have gotten ahead of the recovery. Bank stocks were sharply lower on the back of a buzz in the markets that another bank default may be coming. The CBOE volatility index jumped 12% to 29.15, its highest level since early July. Investors seemed to shrug off some encouraging report on the manufacturing front. The ISM manufacturing index rose to 52.9 in August from 48.9 in July. This was better than the 50.5 that was expected, it was also first time the reading topped 50 since January 2008.

Stocks in action for the day: Austral Coke, Bharti, Tata Motors, Maytas

SEBI unearths Rs 1,000 crore scam at Austral Coke: -IT Department found bogus transactions worth Rs 1,000 crore -Have found prima facie evidence of corporate fraud -Alert: IT Dept raided Austral Coke premises on June 23 -Rs 142 crore IPO funds diverted via bogus transactions -Bars Austral Coke from raising fresh capital -Alert: Company's September 3 board meet planned to discuss Rs 970 crore QIP (qualified institutional placement) Austral Coke says IT Dept yet to revert to company's response; to present its case before SEBI on September 9

Tata Motors August (YoY) -Sales at 49,810 units versus 43,600 units -Local commercial vehicle sales at 29,762 units -Passenger car sales up 26% at 20,146 units -Exports at 2,684 units versus 4,772 units -Sold 2,501 Nano cars

Mold Tek Technologies board approves: ((CMP Rs 79.55)) -Issue of 2 lakh shares & 1 lakh convertible warrants @ Rs 80 on preferential basis to Darash w & Co -Issue of 50,000 shares & 50,000 convertible warrants @ Rs 80 on preferential basis to other investors -Issue of 7.3 lakh convertible warrants @ Rs 78 to promoters & other investors on preferential basis

Board meets: -RIL audited results & Surana Industries on issue of shares on preferential basis

Bharti-MTN deal gets approval of South Africa Labour Unions

Maytas Infra open offer at Rs 112.80/share ((CMP Rs 118.40)); opens on October 24, closes November 12

Ambuja Cements August cement sales at 1.43 million tonnes versus 1.42 million tonnes (YoY):

Ranbaxy says company gets government order for supplying Tamiflu generic:

Farm Official says June-August monsoon rain 23% below normal

Jet-Sahara case unlikely to be heard at Bombay HC today: Sources

Asian Paints to divest entire stake in subsidiary Berger Paints (China)

Garware Offshore takes delivery of anchor handling vehicle in Singapore

Carborundum Universal restructures China JV, to split into diamonds & abrasives business

1.07 crore PSL shares to hit the market today ((QIP issue))

Ex-bonus: Tilaknagar Industries @ 2:1

Globus Spirits IPO closes today, subscribed 0.23 times till now

Intraday Nifty Outlook: Pivot Point: 4654 R1: 4707, R2: 4789, R3: 4842 S1: 4572, S2: 4518, S3: 4436