BOR: Market Outlook: Indian market will have positive opening today on account of positive global cues.

Market Outlook: Indian market will have positive opening today on account of positive global cues. Nifty has supports at 4960-4990 and resistances are at 5110 -5150. Market is showing strength and every dips should be used as buying opportunity.

Global events to watch for today:

• ICSC-Goldman Store Sales
• 4-Week Bill Auction
• Treasury STRIPS

Global indices Update @ 9:

Dow Jones : 9599 (+112.08)

Nasdaq : 2068 (+20.04)

S&P 500 : 1040 (+15.25)

Nikkei 225 : 9675 (+00.51)

Hang seng : 20564 (+135.3)

SGX CNX Nifty : 5025 (+12)

INR / 1 USD : 47.53

CRUDE OIL : 70.56 (+00.15)

Gold : 1020 (+03.30)

On the global counter: Wall St gains on better ISM services report; Dow up 112 pts & Asia trading higher; Hang Seng, Straits Times up. The US markets rebounded on the back of a better than expected ISM (Institute for Supply Management) services index for September. A strong advance by the financial sector and a weaker US dollar helped give the stock market its first gain in five sessions. Banks led the rally after Goldman Sachs upgraded the large-cap banking sector to attractive from neutral. In economic data from the US, the Institute for Supply Management reported its gauge of service-sector activity, rose to 50.9 in September from 48.4 in August. The reading indicates expansion in the sector after 11 straight months of contraction and was better than the 50 economists had expected.

Stocks in action for the day: HDFC, Grasim, Pyramid Sai, ACC, Zensar

Results today: Prism Cement, Shiv-Vani Oil

TRAI plans to ask telcos to offer per second billing: Telecom regulator Trai has unveiled plans for a radical overhaul in the way India’s mobile phone industry bills customers, a welcome tone for the country’s 450 million cellphone users, but a jarring note for telcos that could see their revenues fall by up to 15%. Under the ‘per second’ model — already being followed by Tata DoCoMo. if a telco were to offer a tariff plan that provided calls at 60 paise per minute, a customer speaking for 20 seconds would only be charged 20 paise for the call rather than the full 60 paise charged currently.

Sunil Mittal: -Deal with MTN over for now -Lack of South Africa govt nod reason for deal falling through -No revival of talks with MTN -Talk of deal with Zain Telecom speculative

Grasim demerger - LIC yet to give nod to Grasim demerger -LIC asks Grasim to make detailed presentation -Alert: LIC owns 13% in Grasim, has board slot in company

Pyramid Saimira: -Kolkata based RBD group buys 40% stake in company -RBD buys production arm of company for Rs 40 crore -To sell 40% in all its subsidiaries

Reliance Communication says every local call at 50 paise, all SMS at 50 paise

UltraTech board meet today to mull merger with Samrudhi

HDFC arm buys 10% stake in Nitesh Real Estate for Rs 100 crore

ACC raises Rs 300 crore via NCDs (non-convertible debentures) through private placement

Rains may squeeze sugar suppliers, delay in crushing to push up prices

Ashok Leyland in talks for JV in Argentina

Zensar Tech board approves buyback up to 24.2 lakh shares at Rs 165/sh ((CMP Rs 222))

Madhucon Projects JV bags $3.9 million order in Nepal

Lok Housing board approves issue of 50 lakh convertible warrants to promoters

Milestone buys 49% in Godrej Properties SPV for Rs 110 crore

Indiabulls Property Investment Trust rights issue opens today

Indiabulls Power issue opens of Oct 12, closes in Oct 15

BSE cuts transaction fees for cash segment from Wednesday