BOR: Market Outlook: Indian markets will have negative startup today

Market Outlook: Indian markets will have negative startup today on the back of global sentiments hovering around the financial markets credibility. The week started on a very positive note, with the Nifty rallying by 175 points. However, in the past three trading sessions, the Nifty has remained subdued between 5100 and 5200. It is likely to consolidate further in a tight range for some more days.

US Update: Financials were among the biggest decliners following news that the New York Attorney General was probing eight banks to see if they duped the ratings agencies about the quality of the securities they were offering. The eight banks are: Goldman Sachs, Morgan Stanley, UBS, Citigroup, Credit Suisse, Deutsche Bank, Crédit Agricole and Merrill Lynch, which is now owned by Bank of America.

Results Today: DLF, SBI, Nalco, Adani Enterprise, Asahi India, Bhushan Steel, Deccan Chronicles, Electrosteel Cast, Euro Ceramics, Federal Bank, Hindustan Cop, ICI India, Mcnally Bharat, Kirloskar Oil, Shiv Vani Oil, Sujana Towers, Videocon Inds, TRF, Tanla Solutions

Results tomorrow: Reliance Comm, Reliance Infrastructure, Reliance Power, RNRL ((almost entire ADAG pack))

Global Events to watch for today:

• Retail Sales
• Industrial Production
• Consumer Sentiment
• Business Inventories

Global indices Update @ 8:

Dow Jones : 10782 (- 113.9)

NASDAQ : 2394 (- 30.66)

Nikkei 225 : 10449 (- 170.7)

Hang seng : 20239 (- 183.4)

SGX CNX Nifty : 5170 (- 15.00)

INR / 1 USD : 44.99

Stocks in action for the day : HDFC, HSBC Invest, Parsvnath, MTNL, Aban

Aban Offshore update -Aban Pearl sinks in Caribbean -Aban Pearl was Aban’s only semi-sub and a significant revenue generator -FY11 revenue loss of USD 120 million likely

Idea on TRAI recommendations -Do not advance objectives of govt expert committee report -Telecom sector deserves new deal -Telecom sector showing signs of crony capitalism

ISMA - -ISMA meeting held at New Delhi yesterday -Discussion on import duty between 20-60% on white sugar-Likelihood of no import duty on raw sugar -Final call to be taken by cabinet in around 3 weeks

Tata Power notifies state govt on Mumbai power distribution issue Tata Power to Maharashtra Govt -Does not accept the order of Maharashtra Govt Committee -To honour 100 MW PPA with BEST and 160 MW with TPC – D -To provide only 200 MW to Reliance Infrastructure till June 30

Reliance Infrastructure Says -TPC's offer of Rs 5.90/unit for suburban consumer vidicates our stand -Tata Power want to profiteer at the expense of Mumbai consumer

MTNL Q4 (cr -crore, vs - versus) -Net sales at Rs 848.3 cr vs Rs 902.2 cr (QoQ) -Net loss at Rs 1,573.7 cr vs net loss of Rs 894.9 cr (QoQ)

Gammon India Q4 -Net sales at Rs 1,667.7 cr vs Rs 1,905.8 cr (YoY) -Net profit at Rs 54.7 cr vs Rs 72.6 cr (YoY)

Parsvnath update -IT Dept initiated search action against Parsvnath: Srcs -Search operation ongoing at multiple locations: Srcs-Locations include office & residential premises: srcs-Search conducted on allegations of tax evasion: srcs

HSBC InvestDirect promoters accept delisting price of Rs 400/share

Drug majors may get easier access to Japan’s USD 60 million market, Tokyo likely to offer “national treatment” to Indian generic firms – BL

Shree Salasar open offer at Rs 15/sh

Viacom Media 18 set to launch Bollywood channel – Mint

Tech companies Infosys, Mahnindra Satyam and Cognizant in race for USD 250 million UK deal

HDFC extends teaser loan rates till June 30

Mundra Port to consider stock split on May 17 Mundra Port & Special Economic Zone on Thursday said its board would meet on May 17 to consider the proposal of stock split on the face value of Rs 10 each. The company`s board would also announce the audited financial results for the year ended Mar. 31, Mundra Port said in a filing to the Bombay Stock Exchange (BSE). The stock split proposal is subjected to shareholders` approval.