BOR: Market Outlook: Indian market may have negative gapdown tracking muted sentiments from the global markets.

Market Outlook: Indian market may have negative gapdown tracking muted sentiments from the global markets. Nifty has supports at 4930-4980 and resistances are at 5110 -5150. The markets seem pooped and may go through correction for a few trading sessions. We expect Cement & Auto counter to be in action for the day.

Global events to watch for today:

• ISM Non-Mfg Index
• 4-Week Bill Announcement
• 3-Month Bill Auction
• 6-Month Bill Auction
• 10-Yr TIPS Auction

Global indices Update @ 9:

Dow Jones : 9487 (-21.61)

Nasdaq : 2048 (-09.37)

S&P 500 : 1025 (-04.64)

Nikkei 225 : 9736 (+04.76)

Hang seng : 20373 (-01.90)

SGX CNX Nifty : 4998 (-71)

INR / 1 USD : 47.86

CRUDE OIL : 69.91 (-00.04)

Gold : 1003 ( 00.00)

On the global counter: US markets end lower on disappointing jobs data & Asian markets trading lower; Seoul Composite down. US markets retraced from early lows, but indices closed well in the red on disappointing jobs data. For the week Wall Street ended down over 2%. Technical support and a retreating dollar helped stocks to bounce back. Economic data that led to the sharp fall early on the non-farm payrolls dropped more than expected in September. Private employers slashed 2 lakh 63 thousand jobs as against expectation of one lakh 75 thousand. The worse than expected jobs number caused the unemployment rate to increase to 9.8% from 9.7%, but that was expected. News of factory orders for August made a surprise 0.8% drop didn't help the early tone either.

Stocks in action for the day: Grasim, ACC, Hero Honda, Great Off

Grasim: cement business demerger: Board approves demerger of cement business into arm Samruddhi. -Grasim shareholders to get 1 share of Samruddhi for every 1 held. Grasim Shareholders to directly own 35% of Samruddhi -To make consolidation proposal to UltraTech board -Grasim’s stake in Samruddhi to be reduced to 65% To add 25 mt cement capacity in 5 years -Plans to list Samruddhi after demerger scheme is effective
Adesh Gupta Says -To look at backward integration for VSF business -Cement business is now operating at almost 100% capacity -Consolidation of Ultratech & Samruddhi may take 8-10 months

Cement numbers update:

AV Birla Group September cement sales up 15.8% at 2.77 MT (million tonnes) YoY

ACC September cement sales At 1.63 mt versus 1.67 mt (YoY)

Tata Motors September: Total sales at 52,513 units; up 6% (YoY) Domestic sales at 49,650 units; up 10% (YoY)-Domestic CV sales at 31,474 units; up 10% (YoY) -Domestic passenger car sales at 20,743 units -Exports at 2,863 units; down 35% (YoY)

Bajaj Auto September: -2 wheeler sales at 2.5 lakh units; 3 wheeler sales at 31,121 units -Exports at 81,000 units, highest ever -71,000 of newly launched Discover DTS-Si; 56,000 Pulsar

Hero Honda September total sales at 4.01 lakh units versus 3.85 lakh units (YoY)

SBI board has cleared UTI AMCs stake sale process No issues from any 4 promoters -UTI AMC to sell 26% stake to US-based T Rowe Price -UTI, T Rowe Price & all stake holders in agreement for deal -Deal in final stages, lawyers drawing up documents

DCB: -Cuts home loans rates to 7.95% -To offer 7.95% fixed rate for 1st year, floating rate from second -New home loan rates applicable for loans up to Rs 5 crore

Omnitech InfoSolutions board approves -Issue of 10 lakh convertible warrants on preferential basis -ADR / GDR / FCCB / QIP issue up to $50 million

Thinksoft IPO subscribed 2.57 times ((closed on Oct 1))

3G auction may get delayed, govt likely to miss the December 7 deadline

BSNL, MTNL join race for Zain Telecom, write their willingness to Vavasi group

Essar Oil forays into auto gas retailing

Axis Bank cancels Great Offshore oil rig funding

Wockhardt receives US FDA approval for prostate drug Alfuzosin

Core Projects board approves issue of warrants to promoters on preferential basis