BOR: Market Outlook: Indian markets are likely to remain range as consolidation is expected to continue.

Market Outlook: Indian markets are likely to remain range as consolidation is expected to continue. The positive trend in the market is very well intact until Nifty holds above its 5-day moving average of 5,188. Nifty has supports at 5100-5150 and resistance is at 5310.

GLOBAL credit rating agency Standard & Poor’s revised the outlook on India to `stable’ from `negative’ due to improved government finances—a move that could marginally lower the borrowing cost of India Inc and support equities.

Global Events to watch for today

• No major events to eye on.

Global indices Update @ 8:

Dow Jones : 10779 (+45.50)

NASDAQ : 2391 (+02.19)

Nikkei 225 : 10817 (+73.18)

Hang seng : 21359 (+28.88)

SGX CNX Nifty : 5273 (+17.50)

INR / 1 USD : 45.49

Stocks in action for the day : Bilcare, Bharat Elect, MSK Projects

Investors flock to Bharat Elect on bonus issue hopes: Shares of Bharat Electronics have been in the thick of activity, of late. Traders are speculating that the company will use its cash reserves to announce a bonus share issue. A bonus share issue will increase liquidity in the stock, which tends to be choppy because of its low free-float.

Welspun Infratech to acquire MSK Projects India Ltd: MSK Projects subject to necessary approvals and applicable provisions of law decided to issue preferential basis to Welspun Infratech Ltd by investing upto an amount of Rs. 211,30,03,224 (Rupees Two Hundred and Eleven Crores Thirty Lakhs Three Thousand Two Hundred and Twenty Four Only) at the rate of Rs. 123 per share, in compliance with Chapter VII of SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009 and Companies Act 1956. Further the Company has informed that the Company have been informed by the promoters of the Company, that they are proposing to transfer, subject to satisfaction of certain conditions precedent, 47,52,345 (Forty Seven Lakhs Fifty Two Thousand Three Hundred and Forty Five Only) equity shares at a rate of Rs. 130 per equity share out of their total shareholding of 49,48,495 equity shares of the Company to Welspun Infratech Ltd. With the acquisition of these equity shares, Welspun Infratech Ltd will become the promoters of the Company and will be in control of the Company.

8 telecom companies bid for 3G, broadband wireless spectrum: Of the applicants, Bharti Airtel, Reliance Communications, Tata Teleservices and Etisalat DB have expressed interest in bidding for 3G spectrum.

Renault and Bajaj : The ultra low-cost car that the joint venture of the French car major Renault and Bajaj is working on may be priced below the `Tata Nano'.

Persistent IPO subscribed 5.67 times on day two: Initial public offering (IPO) of Persistent Systems has achieved full subscription on day two. The issue has been subscribed 5.67 times on debut day. A total of 307.43 million bids were obtained out of which 16 million bids were obtained at cut-off price. Persistent Systems has entered the capital market with an IPO of 5,419,706 equity shares of Rs 10 each. The company will raise around Rs 1.57-1.68 billion at price band of Rs 290-310 a share. The issue will close on Mar. 19, 2010. Proceeds from IPO will be used to establish its development facilities, to capitalize its subsidiaries for establishing development facilities and meeting fit outs and interior design costs, to procure hardware; and to fund expenditure for general corporate purposes.

IntraSoft Tech declares Rs 137-145 price band for IPO: IntraSoft Technologies, announced a price band of Rs 137 to Rs 145 for its initial public offer (IPO) of 37,00,000 equity shares of face value of Rs 10 each. The issue will open for subscription on Tuesday, Mar. 23, 2010 and will close on Friday, Mar. 26, 2010. intraSoft Technologies Limited owns (through subsidiary 123greetings.com Inc.) and operates electronic greeting cards website, www.123greetings.com. Collins Stewart Inga and Anand Rathi Advisors are the Book Running Lead Managers to the issue.

United Bank makes its debut with 4% premium: Shares of state-owned United Bank of India (UBI) listed on Thursday on local stock exchanges at a modest premium to its issue price, underscoring investor sensitivity to valuations. The stock listed at Rs 77, but surrendered most of its gains to close at Rs 68.10, up 4.2% over its issue price of Rs 66.

Bilcare’s riding high on growth pill: Bilcare, the Rs 1,000-crore supplier of technology-driven niche pharma solutions, appears to be a promising bet in the mid-cap segment. The Pune-based company is a provider of packaging solutions and clinical trial supplies to over 500 pharma companies globally.

BSNL seeks govt nod to hive off towers, infra ops into separate units: State-run telco BSNL has sought the government’s permission to spin off its towers and accompanying infrastructure, as well as its land bank, into separate offshoots, looking to put to better use these assets in the face of fierce competition from private players.

World Bank OKs record $1.05 billion for Indian schools: The World Bank on Thursday approved a record $1.05 billion credit line to help get more children into schools in India, the largest ever investment in education by the poverty-fighting institution. The loans will help Sarva Shiksha Abhiyan, a government program aimed at boosting education among young children.