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

Market Outlook: Nifty will have negative opening today on account of weak global cues. Nifty has supports at 4750-4830 and resistances are at 5000-5050. Asian markets plunged in early trading on Friday, following a brutal day on Wall Street where stocks took their deepest tumble in more than a year. Investors faced intense selling pressure amid growing fears that Europe's debt crisis could spread around the world. An unexpected increase in US jobless claims also added to the pessimism. The market seems to be a bit jittery as of now and investors should wait for some more consolidation before taking any fresh positions.

Results today: ITC, Dolphin Offshore , Edelweiss Capital , Inox Leisure Garware Offshore, Redington India Shriram City Union, Take Solutions ,Varun Shipping ,Zylog Systems

Global Events to watch for today:

• Leading Indicators

Global indices Update @ 8:

Dow Jones : 10068 (- 376.3)

NASDAQ : 2204 (- 94.36)

Nikkei 225 : 9778 (- 251.6)

Hang seng : 19545 (- 33.15)

SGX CNX Nifty : 4840 (- 108.0)

INR / 1 USD : 46.75

Stocks in action for the day : ITC, Rel Comm, SBI, IGL

JP Infra lists today

Cairn India PLC: 90 km Rajasthan pipeline up to Salaya fully complete Anticipate sales to refiners by the end of Q2 2010 Supplying Crude to MRPL, IOC, RIL & Essar Oil Expects sales to be ramped up to 125,000 bopd in H2 2010 Sales to IOC, Pvt refiners via pipeline expected in Q2 2010 Pricing negotiations completed with all refiners mplied price realisation at 10-15% discount to Brent In talks with domestic & overseas refiners to allocate additional volumes

Wockhardt Jan-Mar (Consolidated) Sales at Rs.872cr vs Rs.862cr ( up 1.1% YoY) Net loss of Rs.565cr vs Rs.10.2cr (YoY) Exceptional item of Rs.633.3cr ( Rs.331cr loss from derivatives & Rs266.2cr impairement losses)

BIL International, Singapore (Subsidiary of Asian Paints) Income statement for 15 months Sales at Rs.55.46cr vs Rs.55.17cr PAT at Rs.1.11cr vs Rs.81.5 lakhs

Sources Say Rel Comm Raises Rs 1,800 Cr Via 3-month CP At 6% TTSL Raises Rs 1,000 Cr Via 1-year CP At 7.25% CNBC-TV18 ALERT: Rel Comm, TTSL Raise Funds For 3G

Govt grants Maharatna status to NTPC NTPC empowered to make equity investment to make JVs NTPC empowered to undertake mergers & acquisitions subject to ceiling of 15% of the net worth

SPARC Concall Developing 6 Molecules Using Wrap Matrix Technology Working On Low Toxic Cancer Drug Using Nano Technology

MTNL Says Not Asked Waiver Or Partial Compensation For Payment Have Enough Reserves To Pay For Spectrum If Needed Have Rs 5,000 Cr Cash Balance As Of Now Not Contemplating Raising Debt As Yet For 3G 3G Outlfow To Be Amortised Over 20 Years Plan To Move Existing 2G Users To 3G Services In 1 Month Will Not Raise 3G Usage Charges No Entry Barriers For 2G Users Moving To 3G Services

SBI on cost cutting drive, to go slow on branch expansion – BS

IGL mulls 20% hike in CNG prices – BS

Mahindra Satyam BPO secures five year contract with GlaxoSmithKline

JSPL to acquire Oman steel firm for USD 464 mn Naveen Jindal-promoted Jindal Steel & Power said it would buy Oman-based Shadeed Iron & Steel for USD 464 million to expand its reach to West Asia. This is the third largest acquisition of a steel company since 2007, when Tata Steel bought UK-based Corus for USD 12.9 billion and Essar Group paid USD 1.63 billion to buy Algoma Steel Inc. Shadeed will have a capacity of 1.5 million tonnes and would be ready in about a year. It is a gas-based hot-briquetted iron plant based at Sohar in Oman.

Sun Pharma arm to out-license products to MNCs Sun Pharma Advanced Research Company (Sparc), the demerged drug research and development arm of Sun Pharmaceutical Industries, plans to license out some of its new chemical entities (NCE) and novel drug delivery systems (NDDS) under development at advanced stages of development to multinational companies. Sparc, which is developing about 10 NCEs and NDDS products, will monetise the products with out-licensing and launching on its own in domestic and regulated markets in the next two-three years, Dilip S Shanghvi, chairman and managing director, said.

Bharti Retail to enter south soon; looks at west too Sunil Mittal`s Bharti Retail plans to roll out stores in South India soon, as part of its plans to become a national retailer, sources in the know have said. Bharti Retail had already signed three-four properties in the southern states and was looking at booking spaces for around 50 stores by the year end, said a person involved in the transactions. According to sources, the retailer is also scouting for properties and Western and Central India to open stores and is holding talks with property developers in this regard. The chain has hired a dozen persons to scout and book the properties, sources said.

Birlas get Kerala nod for Rs 4,000-cr IT park The Aditya Birla Group has received in-principle approval from the Kerala government to set up a Rs 40 billion IT and Biotech Knowledge Park and a branch of Birla Institute of Technology and Sciences (BITS) at Kozhikode. The Knowledge Park, planned as one of the largest of its kind in India, and the branch of BITS, are expected to come up on 320 acres at Mavoor in the suburbs of Kozhikode, at the site of a defunct pulp and fibre unit owned by Gwalior Rayons (now Grasim). The state government considered the proposal a week ago and has given in-principle approval. Now the Birlas have to submit a detailed project report for final clearances, T Balakrishnan, additional chief secretary and secretary for Industries, Kerala, said.

SBI ups loan limit 10-fold State Bank of India (SBI) will increase by ten-fold its loan limit to individuals planning to buy land to build a house as the country`s largest lender makes a greater push into the housing segment. The bank has finalised a proposal under which it will lend Rs 100 million for buying land for housing against the earlier cap of Rs 10 million, said a senior SBI official. The bank has eased a rider pertaining to the construction period if the project is undertaken by government agencies. Currently, a project must be constructed within two years.

NMDC seeks minimum 90% hike in ore prices NMDC, Asia`s third-largest iron ore miner, plans to seek price increases of `at least` 90% and quarterly contracts from steelmakers in Japan and South Korea, following biggest global exporter Vale. NMDC, which exported about 15% of output last year, expects to sell iron ore fines overseas at USD 116 a metric ton this quarter, finance director Swaminathan Thiagarajan said on Thursday, raising his March 30 forecast of USD 100. Talks with buyers in Japan and South Korea will be held next week, he said.

Kingfisher`s Mumbai-Lucknow flight grounded after bomb scare Passengers of a Kingfisher Airlines Mumbai-Lucknow flight were taken off and a rigorous search of the aircraft was underway after a call warning of a bomb on board, an airline official Thursday said. ``We were informed by the air traffic control that they have received an anonymous call stating there is a bomb placed in the Mumbai-Lucknow flight, IT 3149. We have deplaned all passengers and they are all safe,`` a Kingfisher Airline spokesperson said.

JetLite to replace CRJ fleet with Boeing aircraft by September Domestic private air-carrier, Jet Airways, today said that it plans to return all of its leased CRJs being operated by its budget arm, JetLite, to lessors by September this year. Once the process is completed, JetLite would have an all-Boeing fleet, it said. ``On the Jetlite front, all of our CRJ aircraft are in the process of being returned to the lessors and by September, we will have an all-Boeing fleet in Jetlite,`` Jet Airways said.

The rural bet: Idea Cellular on the 3G turf Idea Cellular lost the battle for Delhi and Mumbai, but won in 11 circles that contribute 81% of the company`s revenues. These circles only account for 49% of the country`s telecommunications market. But the strategyto buy into these fits with Idea`s general philosophy. The company for long has been saying that the demand for value-added services and telephony is rising fastest in rural India, as the cell phones are the only mode of exposure to the world in these regions. GDP growth is leading to higher disposable income in these regions which will mostly be spent on mobile phone usage, chief executive Sanjeev Aga said a few months ago.

Panacea vaccine gets clean chit from WHO Panacea Biotec said on Wednesday that the World Health Organisation (WHO) has found no link between the company`s five-in-one vaccine and deaths of infants in Bhutan and asked it to resume supply that was stopped late last year. The Delhi-based drugmaker took off the shelves a batch of the blockbuster medication sold as EasyFive after the WHO launched a probe October last year into the deaths of four infants in Bhutan who had reportedly taken it.

ONGC, SAIL, NTPC & IOC declared maharatnas State-owned blue chip companies Oil & Natural Gas Corp (ONGC), SAIL, NTPC and Indian Oil Corp (IOC) have been declared `maharatnas`, a status that gives them enormous financial powers and greater operational autonomy. The new status empowers their boards make investments up to Rs 50 billion without the government`s approval, an official of the department of public enterprises said. So far, these companies were classified as `navratnas` with powers to take investment decision up to Rs 10 billion without the promoter`s approval.

Malaysia calling for Indian biotech cos Indian biotech companies are increasingly looking to make major investments in Malaysia, lured by the south-east Asian country`s tax sops, easy market access and better infrastructure. A number of companies, including industry majors such as Biocon, Avesthagen, have recently indicated plans to manufacture in Malaysia through their own units or tie ups. The move is likely to have great implications for India`s biotech policy.