BOR: Market Outlook: Indian markets may have flat to negative opening today on the back of weak trading session on the Asian peers.

Market Outlook: Indian markets may have flat to negative opening today on the back of weak trading session on the Asian peers. Nifty has supports at 4600-4630 and resistances are at 4790– 4850. We are in the consolidation zone now between 4550 – 4750 levels, and given that the results season are over, markets don't see any triggers for the stocks to rally north.

Global events to watch for today:

• Chain Store Sales
• Monster Employment Index
• Jobless Claims
• EIA Natural Gas Report
• 3-6 Month Bill Announcement
• Money Supply

Global indices Update @ 9:

Dow Jones : 9802 (+30.23)

Nasdaq : 2055 (-01.80)

Nikkei 225 : 9730 (-113.6)

Hang seng : 21439 (-175.6)

SGX CNX Nifty : 4680 (-32)

INR / 1 USD : 47.13

On the global counter: Wall Street slips from day’s high post Fed's comment & Asia trading weak; Nikkei, Seoul Composite down 1%. The US markets ended mixed on Wednesday as a rally that had started post the Fed's statement fizzled. Stocks had opened higher earlier in the day as investors cheered some encouraging readings on the economy. The Federal Reserve meanwhile, kept its benchmark federal funds rate unchanged and repeated it will keep interest rates near zero for "an extended period". The Fed specified for the first time that policy will stay unchanged as long as inflation expectations are stable and unemployment fails to decline. In economic data from the US, the ISM reported its gauge of the services sector dropped to 50.6 in October from 50.9 in September. The ADP reported that fewer jobs were lost in October than in previous months.

Stocks in action for the day: Suzlon, RCF, Cairn, Rei Agro, Merck

Suzlon: Plans to repay $850 million debt from RE Power, Hansen acquisitions-Suzlon to hike RE Power stake by 9%-Axis Bank & SBI to refinance $465 million for Suzlon-RE Power equity and assets to be given as collateral-Suzlon promoters to bring in $35 million for re-financing-Barclays, ICICI Bank to provide $350 million for debt from Hansen acquisition

RNRL Counsel Says:-RIL was aware that AZB partner was attending case hearings-AZB & Partners at case hearing also advised RIL on matters-It was RIL's duty to disclose AZB link to justice RaveendranJustice Raveendran's inconvenient ques upset RIL

Disinvestment Policy: Disinvestment policy framework broadly in place -All profitable PSUs to be divested eventually -Around 100 PSUs with positive networth on govt radar -At least 18-20 PSU IPOs in near term, plus some FPOs

Novelis Concall: -Growth in europe relatively flat Q3 will be weak on account of seasonal downturn-Growth in shipments will return only in Q4 FY10

Kamal Nath: Road programmes will add between 1.5-2% to GDP -Foresee a huge demand for roads in near future -Will reduce land acqisition process time considerably -To give contract for 12,000 km road worth Rs 1 trillion By June

L&T Infotech in talks to acquire Patni Computer (L&T has completed the due diligence)

Finance Minister asks RBI to reconsider ADAG proposal to raise funds via ECB (Central bank to consider only after resolution of other cases relating to misuse by other group companies)

RCF Forays into cement distribution

Cairn reaches initial agreement to provide crude supplies to RIL from mangala fields, Barmer

Rei Agro to issue FCCBs upto $112.5 million (earlier said raise $100 million + greenshoe options of $12.5 million)

Gwalior Chemical to buy back via tender offer upto 40.5 lakh shares at Rs 120 upto March 31, 2010.

HCL Tech and iLumen announce strategic relationship to help HCL Tech business and commercial lending system using iLumen technology

IFB industries: -Net sales at Rs 150 crore versus Rs 123.8 crore -Net profit at Rs 6.8 crore versus Rs 29.5 crore Extraordinary at Nil versus Rs 24.25 crore

Surana Industries: -Net sales at Rs 222.1 crore versus Rs 208.9 crore -Net profit at Rs 9.34 crore versus Rs 8.1 crore

Cinevistaas: -Net sales at Rs 11.24 crore versus Rs 13.69 crore -Net loss at Rs 21 lakh versus profit of Rs 1.23 crore.