BOR: Market Outlook: Indian markets may have flat to positive opening today.

Market Outlook: Indian markets may have flat to positive opening today. Nifty has supports at 5100-5130 and resistances are at 5200-5230. The market surprised everyone registering highest close of the year so far. From a trading point of view we would stay long strictly following the support level. Overall outlook for the markets today is that of cautious optimism as the bulls need to hold the Nifty above the 5170 mark consistently.

Global events to watch for today:

• ICSC-Goldman Store Sales
• Consumer Confidence
• S&P Case-Shiller HPI
• State Street Investor Confidence Index

Global indices Update @ 9:

Dow Jones : 10547 (+26.98)

Nasdaq : 2291 (+05.39)

Nikkei 225 : 10378 (-06.98)

Hang seng : 21487 (-01.76)

SGX CNX Nifty : 5181 (+04.00)

INR / 1 USD : 46.76

On the global counter: Wall Street ends flat after a choppy session & while Asian markets trading flat. It was a flat close on Wall Street after a choppy session. Modest gains in the early trade turned into modest losses during afternoon action, but some late support from the dollar and retail sales helped the stock market settle higher for the sixth straight session. The Dow Jones Industrial Average added 26.98 points, or 0.3%, to 10,547.08. The Standard & Poor's 500 Index rose 1.30 points, or 0.1%, to 1,127.78, and the Nasdaq Composite Index added 5.39 points, or 0.2%, to 2,291.08. The volatility index traded around the 20 mark.

Stocks in action for the day: Ranbaxy, Maruti, UTV, Max India, R Power

RIL - RIL (Reliance Industries) updates non binding proposal for LB (LyondellBasells) -RIL updated proposal has higher cash component; Offers cash of $ 5-6 billion versus previous cash offer was for approximately $ 2 billion

Reliance Power: Reliance Power’s 1200 MW Rosa Project commences generation -Stage I: 600 MW power to be supplied to UP, project investment at Rs 6,000 crore -Stage II: 600 MW expansion underway

Iron Ore export duty: Government doubles export duty on Iron Ore Lumps Export duty on Iron Ore Lumps hiked to 10% (from 5%) 5% export duty imposed on Iron Ore Fines versus nil Steel Ministry wants 10% export duty on all grades

Goldman to pick up 9.4% stake in Max India for Rs 540 crore via subscribing to compulsory convertible debentures which will be converted into shares in 15 months

Advertisers may have to pay 10-15% premium to DTH from January, premium may go up later

UTV, Sun TV in talks for a Tamil movie channel

Maruti expects December sales to jump 30%

3G winners may have to pay bid amount upfront, to get spectrum only in August

Ranbaxy arm gets FDA warning, USFDA warning to Ohm Lab for manufacturing norm violation

Board meets today - Zee Entertainment & ETC Networks on detailed composite Scheme of amalgamation

Unitech's $700 mn FCCB plan hits regulatory wall: Unitech’s plan to raise $700 million through foreign currency convertible bonds (FCCBs) has run into trouble with the finance ministry and Reserve Bank of India (RBI) objecting to the developer’s request to exempt it from a three-year lock-in clause applicable to such investments in construction. Unitech is looking overseas to lower the overall cost of debt, at around 13%, though it said the FCCB money would be used to develop a township.

Reliance making profit of 20k cr from KG gas, RNRL tells SC: Anil Ambani’s Reliance Natural Resources has told the Supreme Court that Mukesh Ambani’s Reliance Industries is making a super profit. RIL of over Rs 20,000 crore by selling gas from Krishna-Godavari basin to others. This gas, RNRL said, was committed to the company and National Thermal Power Corporation (NTPC) by the contractor at $2.34 per million British thermal units (mmBtu). The non-supply of gas at that price will cause the public sector undertaking to lose Rs 32,000 crore, RNRL said in its written submissions.

Tilaknagar Industries scope for a run-up in the price appears limited: The scrip of Tilaknagar Industries has witnessed a sharp run-up in the past two weeks. The Ahmednagar-based manufacturer of Indian-made foreign liquor (IMFL) gained over 23% during the period compared with a 1% rise in the benchmark Sensex.