BOR: Market Outlook: Indian markets may have flat to positive opening today on account of support from recovery seen on Asian counters.

Market Outlook: Indian markets may have flat to positive opening today on account of support from recovery seen on Asian counters. Nifty has supports at 4480-4500 and resistances are at 4630-4690. Market may retrace back to some key resistance levels while we remain cautious on market performance. Overall day outlook is that of a pullback from yesterdays selloff.

Global events to watch for today:

• Bank Reserve Settlement
• ISM Non-Mfg Index
• MBA Purchase Applications
• Challenger Job-Cut Report
• ADP Employment Report
• FOMC Meeting Announcement

Global indices Update @ 9:

Dow Jones : 9771 (-17.53)

Nasdaq : 2057 (+08.12)

Nikkei 225 : 9796 (-06.67)

Hang seng : 21598 (+358.9)

SGX CNX Nifty : 4610 (+73.5)

INR / 1 USD : 47.04

On the global counter: Wall Street ends mixed; dollar jumps to one-month high & Asian markets trading firm; Hang Seng, Straits Times up. US markets finished mixed on Tuesday as techs struggled after a downgrade on Intel. In fact, Intel was the biggest drag on the Dow, down 2.7%, after Morgan Stanley downgraded the stock to "equal-weight" from "overweight," and cut the entire industry to "cautious" from "attractive. In economic data, factory orders rose 0.9% in September, after a 0.8-percent drop in August. Economists were expecting a gain of 1%. And the Fed began its two-day-meeting today; the statement will come out later today.

Stocks in action for the day: Mah Satyam, TCS, Bajaj Hind, IOC, Ashok Leyland & M&M.

A Raja Update: Set 3 months deadline for new mobile operators to launch services
New operators including Unitech Wireless, Swan

IOC: Lost fuels worth Rs 130-140 crore in Jaipur unit fire -Lost 32,000 kL fuel in Jaipur facility fire-May need Rs 200 crore to rebuild Jaipur fuel facilities -Rebuilding Jaipur fuel units to take 18 months

TCS, Wipro eye $400 mn Target outsourcing deal: India’s top tech firms Tata Consultancy Services (TCS), Wipro and several others are pursuing Target’s captive technology centre for a potential acquisition, in what could be a transaction bundled with a long-term outsourcing contract worth $300-400 million. America’s second-biggest discount retailer Target has around 1,500 staff employed at its Bangalore centre, currently doing software development and maintenance work.

Maruti plan new diesel launches

M&M utility vehicle sales grow 32% in Oct: Mahindra & Mahindra (M&M), the nation’s largest utility vehicle maker, has posted a 32% sales growth in October and hopes to retain the momentum this month on the back of strong orders. Lower interest rates and packages offered by finance companies have triggered sales in class B & C towns. M&M posted a 21% growth in tractors sales in October. It sold 18,772 units of tractors in October, compared with 15,465 units in a year-ago period. Combined September-October festive sales registered a record 36% growth at 35,758 units, the company said in a statement. It attributed the higher sales to the combined effects of the government’s increase in rural credit disbursements, better agri-production this year and the stimulus package for the rural economy.

Ashok Leyland October Sales: -Total sales at 5,333 units versus 3,397 -Exports at 399 units versus 421

Reliance Communication to launch 1 paisa/second plan across India for all calls

Mahindra Satyam signs $400 million outsourcing deal with SAAB

Bajaj Hindusthan says haven't considered/decided to acquire stake in Balrampur Chini

Jindal faces new rival for Rocklands, clarity of bidders likely by November 5, company ups stake by 1.4%

Bartronics offers half price for FCCBs ((Company had about $50 million FCCBs))

Bhagyanagar India buyback opens today

-82.95 lakh Jai Balaji QIP shares to hit market

Astec Lifesciences IPO closes today, subscribed 0.43 times till now