BOR: Market Outlook: Indian markets will have negative opening today on account of weak global cues.

Market Outlook: Indian markets will have negative opening today on account of weak global cues. Nifty has support at 4750-4800 and resistances are at 4930-4950. Any major surprises by RBI on repo rate and cash reserve ratio may add to the volatility today.

Global Events to watch for today

• GDP
• Employment Cost Index
• Chicago PMI
• Consumer Sentiment
• Farm Prices

Global indices Update @ 8:

Dow Jones : 10120 (- 115.7)
Nasdaq : 2179 (- 42.41)
Nikkei 225 : 10252 (- 162.1)
Hang seng : 20126 (- 229.7)
SGX CNX Nifty : 4815 (- 70.00)
INR / 1 USD : 46.31

On the global counter: Wall St slides on tech results, global worry & Asia trading weak; Hang Seng down 1.6%, Nikkei down 1.5%. US stocks dropped on Thursday as poor outlooks from Motorola and Qualcomm dented optimism in the technology sector while worries about Greece's fiscal health dragged on sentiment.

Stock in action for the day: BHEL, HPCL, TRF, NTPC, Gitanjali, Havells & Dishman.

BHEL inks JV for 1,600-Mw unit Bharat Heavy Electricals (BHEL), the country`s largest power equipment manufacturer, today signed a joint venture (JV) deal with Madhya Pradesh Power Generation Company (MPPGCL) for setting up a 1,600-Mw supercritical thermal power plant in Khandwa district. The two companies would equally subscribe to the initial equity of the JV company. This would later be diluted to 26% each by both. The balance equity of 48% would be subscribed by financial institutions and other partners. An earlier memorandum of understanding (MoU) for floating the JV was signed by the two companies last November. BHEL will supply the equipment.

HPCL may set up Rs 250 bn oil refineryState-run Hindustan Petroleum Corp plans to invest Rs 250 billion to set up a refinery with an annual capacity of 15 million tones a year on the west coast. The new refinery may be located anywhere between Mumbai and Goa on the western coast and is being mulled to make up for the space constraint the Mumbai refinery faces. HPCL, which has a 7.5-million-tonne-a-year unit at Vizag in Andhra Pradesh and is building a 9-million-tonne plant in Punjab in a joint venture with steel czar Lakshmi Mittal, is contemplating a refinery of the size of 10-20 million tones a year.

TRF bags Rs 6.11 bn orderNTPC has selected TRF, a Tata group company, for setting up coal handling plants for its super thermal power plants at Barh, Bihar and Mauda, Maharashtra. The combined value of the two orders is Rs 6,116.2 billion. The company has been given the order for setting up coal handling plants on turnkey basis for the 2X660 MW power plants at Barh and 2X500 MW power plants at Mauda. The coal handling plants will be designed to run at a capacity of 2,420 and 1,760 tones per hour, respectively.

NTPC`s power exchange likely to be operational next fiscalNTPC, India`s largest power utility, expects its power exchange to be operational by next fiscal. The public sector giant has already received an in-principal approval from Central Electricity Regulatory Commission (CERC) for setting up a national level power exchange in the country. ``We have got the license from CERC and the exchange is likely to be operational in fiscal 2010-11.

Gitanjali to set up 35 new outletsGitanjali Jewellery Retail Private, a unit of Gitanjali Group, has decided to expand its business aggressively with opening of exclusive brand outlets in all major towns of the country. At least, 35 such show rooms will be launched during this calendar year. The company, a leading manufacture of diamond and gold jewellery and known for its brands like Gili, Asmi, D`damas, Maya and Nakshatra, has opened a new exclusive showroom in Berhampur, the biggest commercial town of south Orissa on Wednesday.

UB set to launch flavoured drink United Breweries, which holds around 50% share in beer market in the country, is firming up plans to launch Kingfisher Buzz, its first flavoured alcoholic beverage in the second quarter of 2010. This is part of the company`s strategies to tap new markets in the coming year. Kingfisher Buzz, most likely in a 330 ml bottle, is expected to have less than 5% alcohol content and will be launched in three variants - cola, berry and lime. Company officials said that details on pricing and marketing were still being worked out. The launch is part of the company`s conscious efforts to enter newer segments this year.

Havells buys Standard Elec for Rs 1.2 mn Electrical and lighting products maker Havells India has acquired Standard Electricals, a privately-owned promoter group firm engaged in electrical products for around Rs 1.2 billion. Standard Electricals will operate as a separate subsidiary of Havells India to maintain its brand identity, a top company executive said on Thursday. Anil Gupta joint managing director at Havells India said, ``The acquisition is being done to generate efficiency and is EPS accretive. As part of the transaction, the promoters (QRG group) will get additional 3.7% stake in Havells.

Dishman to chase high-potency therapiesContract Research & Manufacturing Services (CRAM) major, the Rs 10 billion Dishman Pharmaceuticals, will now focus on the high-potency therapies like steroids, hormones, isotopes and cytotoxics. As a strategy change, the company is now keen to increase its presence in the niche and highly-lucrative segment in the next two-three years. The production of high-potency APIs in India is four times cheaper then producing in Western countries. The company will invest USD 20 million for this project as it intends to position itself into the high-potency API business.``