BOR: Market Outlook: Indian markets may have flat to positive opening today on the back of mixed global performance

Market Outlook: Indian markets may have flat to positive opening today on the back of mixed global performance . Nifty has supports at 4970-5000 and resistances are at 5080-5100. Yesterday market finally cracked and closed below the 5050 mark, now the 5000 mark will play the support zone and frustrate the market again. Overall the market is a sell call so adviced not to hold long position.

Global events to watch for today:

• Bank Reserve Settlement
• MBA Purchase Applications
• Consumer Price Index
• Housing Starts
• EIA Petroleum Status Report
• FOMC Meeting Announcement

Global indices Update @ 9:

Dow Jones : 10452 (-42.05)

Nasdaq : 2201 (-11.05)

Nikkei 225 : 10184 (+100.5)

Hang seng : 21697 (-116.0)

SGX CNX Nifty : 5021 (+00.50)

INR / 1 USD : 46.64

On the global counter: US mkts end lower on inflation concern; Dow down 49 pts while Asian markets trading firm; Shanghai Composite, Nikkei up. US markets snapped a four-day winning streak as an inflation report stoked interest rate fears. General Electric delivered a weak outlook. GE told investors that it expects revenue to be flat next year. In important macro data from the US, inflation at the wholesale level surged 1.8% in November, reflecting price jumps in energy and other products. The jump in inflation comes as the fed kicked off a two-day monetary-policy meeting.

Stocks in action for the day: Kalindee Rail, Union Bk, DLF, Bharati Ship

SBI-IAG: SBI-IAG non life JV receives final nod from IRDA -SBI-IAG likely to launch operations in March 2010-IAG stands for Insurance Australia Group

Bhushan Steel: -May tie up with Japanese company for India Steel Project: May announce alliance with Japanese company on Wednesday

DB Corp IPO closes Total: 39.54 times QIB: 68.5 times NII: 26.1 times Retail: 3 times DB Corp: -Fido, Goldman, India Cap and P Notes like Citi, BNP, Macquarie, ABN, JPM etc have bid for full book -Domestic funds include Reliance MF, Pru ICICIMF, Pru ICICI Life, HDFC MF, Birla MF

Mobile subscriptions: Bharti Airtel adds 2.8 million users in November versus 2.7 million (MoM) Idea added 2.55 million mobile users in November versus 1.9 million (MoM) Vodafone adds 2.78 million mobile users in November versus 2.98 million (MoM) MTNL adds 73,019 GSM mobile users in November versus 65,730 (MoM)

Bajaj Hindusthan Q4 Net profit at Rs 69 crore versus loss of Rs 87 crore -Net sales at Rs 415 crore versus Rs 463 crore -Decrease in inventory at Rs 268 crore versus Rs 339 crore -Interest cost at Rs 26 crore versus Rs 59 crore ((QIP proceeds used for debt repayment))

Orchid Chemical to sell generic injectable finished dosage from pharma business to Hospira for $400 million

Three PSU oil cos slip on advance tax payment: The three state-owned oil companies, Indian Oil Corporation, Hindustan Petroleum Corporation and Bhrat Petroleum failed to pay the third instalment of advance tax on given the delay in issuing oil bonds to them by the government.

Cipla in talks to supply drugs to Germany’s BI: German drugmaker Boehringer Ingelheim (BI) has started discussions with Cipla for a drug supply agreement that could see the Indian company supply generic drugs to the $17-billion German company for two of its drugs, including one of its best sellers.

LIC sells 2.14 pc stake in Bharati Shipyard for Rs 13.18 cr: Life Insurance Corporation of India has sold 2.14 per cent stake in shipbuilding firm Bharati Shipyard for Rs 13.18 crore, through open market. LIC held 12.71 per cent stake in the shipbuilding firm, while now it holds 10.57 per cent stake in Bharati Shipyard.

Tata Steel update: Corus announces €35 million investment in French steel mill after securing rail contract

DLF board approved integration between DLF Cyber City and Caraf Builders in 60:40 ratio

Shree Cements advance tax at Rs 31 crore versus Rs 40.5 crore

Bharati Shipyard says LIC sells 2.14% stake in company

Kingfisher still in NSE F&O curb

PSU Bank employees on 1-day strike today against consolidation

FIIs can buy shares of Union Bank as FII investment falls below prescribed limit

Uttam Galva open offer opens on December 19, closes on January 7

Kalindee Rail board meet on December 22 for issuance of convertible warrants to promoters