BOR: Market Outlook: Indian markets may have flat to positive opening today with no major action seen on the global counters...

Market Outlook: Indian markets may have flat to positive opening today with no major action seen on the global counters while back home markets are expecting a better than expected IIP number which would be near 7.25% vs 10.4% last month. Nifty has supports at 4900-4920 and resistances are at 5080-5140. Overall the upmove is still intact though a dip is not ruled out as yesterday markets had a strong up move and closed in the green. Market are good on trading propective with a range of 4791-5044 while on the clear fundalmentals things are not inline to take markets for new highs.

Global events to watch for today:

• MBA Purchase Applications
• Jobless Claims
• EIA Petroleum Status Report
• 3-6-Month Bill Announcement4-Week Bill Auction
• Treasury Budget
• Money Supply

Global indices Update @ 9:

Dow Jones : 10291 (+44.29)

Nasdaq : 2166 (+15.82)

Nikkei 225 : 9915 (+43.57)

Hang seng : 22620 (-06.77)

SGX CNX Nifty : 5000 (-14)

INR / 1 USD : 46.57

On the global counter: Wall Street ends higher; Dollar hits new 15-month low & Asia trading firm; Nikkei, Shanghai Composite up. In Wall Street action, the Dow rose for a sixth straight session as the dollar hit a new 15-month low. This was after Federal Reserve officials reinforced the view that rates will remain low for some time. The market also got a boost from the strong Chinese data on factory output and retail sales. The dollar recovered from a 15-month low after US treasury secretary Timothy Geithner reiterated support for the greenback. Geithner said it's important for the economic health of the United States, that the strength in dollar is maintained. The dollar index jumped back to 75 after dropping as low as 74.77, its lowest since August 2008.

Stocks in action for the day: Tata Steel, HDIL, Suzlon, Golden Tobacco

MSCI changes-Additions: HDIL, Suzlon-Deletions: Glenmark, Power Grid

Tata Steel: -Okays exchange offer of new FCCB for $875 million CARS Programme -Alert: Company raised $875 million via convertible alternative reference securities -Alert: CARS were due in 2012; convertible into ordinary shares -New FCCBs convertible in 2014, have coupon of 4.5% -New FCCB issue to help lengthen debt maturity, reduce cost -New FCCB issue to help reduce future repayment obligations -FCCB convertible at Rs 605.53/share at Rs 46.36/$ -FCCB conversion at 15% premium to current market price

ONGC: -Stops drilling operations in western offshore on cyclone warning -Says oil, gas output in western offshore not hit by cyclone Phyan

MTNLGoogle in talks with MTNL To Jointly Bid For WiMax spectrum -Google keen on holding 50% in JV with MTNL:

HUL-Eureka Forbes Case : -Eureka Forbes agrees to suspend Aqua Sure Ad -Eureka suspends ads from media forums pending test results

RIL ED PMS Prasad says company may sell stake in some of its overseas exploration blocks:

Essar Steel completes Shree Precoated steel assets buy

Pramod Jain and Pranidhi Holdings make voluntary open offer for 20% in Golden Tobacco at Rs

101/sh ((CMP Rs 104)) ((Golden Tobacco is Sanjay Dalmia promoted company))

Tata Power to continue to sell stake in telecos to fund expansion

PM endorses big reforms for Railways ((major changes to include creation of independent tariff regulator))

Edelweiss looking to acquire Anagram Capital to mark its presence in retail broking ((Both managements denied any such plans))

Highway toll set to be slashed, govt may also review annual toll revisions ((Noida Toll Bridge, IRB Infra, Roman Tarmat in focus))

Solar draft policy to be unveiled on Saturday, several MNC & Indian companies eyeing opportunity, which World Bank estimates to be over $42 billion in 10 years

Peninsula Land plans to sell office unit, also considering Rs 200 crore QIP

IDBI Bank to cut deposit rates by 25-50 bps from November 16

Board meets: Usha Martin on fund raising

Ex-rights: City Union Bank 1:4 @ Rs 6

Ex-split: Hindusthan National Glass from Rs 10 to Rs 2