BOR: Market Outlook: Indian markets will have gap up opening today on account of strong global cues.

Market Outlook: Indian markets will have gap up opening today on account of strong global cues. Nifty has supports at 4800-4850 and resistances are at 5050 -5100. Profit booking is expected at higher levels.

Global Events to Watch:

• US Jobless Claims
• Philadelphia Fed Survey
• EIA Natural Gas Report
• 3-Month Bill Announcement
• Money Supply

Global indices Update @ 9:

Dow Jones : 9791 (+108.30)

Nasdaq : 2133 (+30.51)

S&P 500 : 1068 (+16.13)

Nikkei 225 : 10391 (+120.55)

Hang seng : 21746 (+343.58)

SGX CNX Nifty : 4990 (+22)

INR / 1 USD : 48.36

CRUDE OIL : 72.25 (-0.26)

Gold : 1016 (-2.10)

On the global Space: Wall Street gains on back of strong economic data & Asian markets trading higher; Hang Seng, Nikkei up. The US markets rallied, with the benchmark indices up more than a percent, after industrial production rose for the second straight month and weakness in the dollar boosted commodity and industrial stocks. Financials like American Express, Bank of America and JP Morgan too saw strong gains also saw healthy gains. All the three major indices hit new highs for the year. Encouraging economic data also helped the US markets stay upbeat. Industrial production rose 0.8% in august, better than expected, and the prior month was revised to a 1% gain - double the 0.5% originally reported.

Stocks in action for the day: RIL, RPL, Infy, Bharati Ship, Great Off

Reliance Industries - -Reliance (RIL) to sell part of treasury stock -RIL to sell 1 crore treasury shares held by Reliance Petroleum trust -RIL keeps option open to double treasury stake sale -RIL to raise $437 million, option to double size -Reliance Petroleum trust holds 6.65% stake in RIL -RIL says have not sold any shares

Great Offshore Saga: -Bharati Shipyard buys 11.2 lakh shares (3% equity) -Bharati Shipyard buys stake at Rs 560/share ((CMP Rs 565)) -Bharati will need to up open offer to minimum Rs 560/share -Videocon among sellers in Great Offshore -Bharti increases stake in Great Offshore to 22.5%

Pipavav IPO Update -Overall subscribed 2.67 times -QIB subscribed 2.82 times, HNI 7.54 times, Retail 0.88 times

Bharti-MTN update: -Bharti's Akhil Gupta to meet South Africa authorities, stakeholders:-Final deal structure will protect South Africa govt's economic interest: MTN Sources

Hewlett-Packard BPO Units -Infosys, Cognizant likely suitors for Hewlett-Packard BPO units -3 Hewlett-Packard BPO units up for grabs; estimated value $150 million Hewlett-Packard has 4 BPO units in India.

Q2 Advance tax (YoY): -HPCL pays Rs 102 crore versus Nil: -Nicholas Piramal pays Rs 21 crore versus Rs 10 crore:

Reliance Petroleum to be removed from NSE F&O from September 25, all contracts to expire on September 24 ((merger with RIL))

NSE bars further F&O positions in Aban Offshore as 95% of market wide limit reached

TCS says open to acquisitions in Latin America

HDFC: FIPB (foreign investment promotion board) approves issue of 1.09 crore warrants to QIBs including FIIs.

Elder Pharma says no plan to dilute 20% stake in company

Vijaya Bank cuts new home, vehicle loan rates under festive season offer:

Ex-dividend: MTNL @ Rs 1

Ex-bonus: Gujarat Gas @ 1:1

Thinksoft Global IPO opens on September 22, offer of 36.5 lakh shares, price band at Rs 120-130 per share

Euro Multivision IPO opens on September 22, offer of 88 lakh shares, price band Rs 70-75 per share

Indian ADRs: Tata Motors up 5%, ICICI Bank up 4%, HDFC Bank, Infosys up 3%