Market Outlook: Indian markets are expected to open in positive note

Market Outlook: Indian markets are expected to open in positive note and consolidate at these levels before taking further fresh momentum. We believe the market will even test 21,200 as there are no sign of 2007-like euphoria. The crucial support on the downside for the Nifty is 5970 and resistance at 6030-6050 for the day.

Global events to watch:

Þ Bank Reserve Settlement

Þ MBA Purchase Applications

Þ FHFA House Price Index

Þ EIA Petroleum Status Report

Global indices Update @ 8:

Dow Jones : 10761 (+07.41)

NASDAQ : 2355 (- 06.48)

Nikkei 225 : 9607 (+05.69)

Hang seng : 22140 (+137.4)

SGX CNX Nifty : 6034 (+19.50)

INR / 1 USD : 45.73

Stocks in action for the day: Allied, Orient Cera, ONGC, Sun Pharma

IPOs which open today-VA Tech Wabag: Price band Rs 1,230-1,310/sh and offer to raise Rs 475 crore -Cantabil: Price band Rs 127-135/sh and offer to raise Rs 105 crore Gallant Ispat: Price fixed at Rs 50/sh and offer to raise 40.5 crore

VA Tech: sources -Raises Rs 70.9 crore from anchor investors @ Rs 1310/share-Anchor investors include EMIC, Treeline, India Capital Opportunity 1, Religare MF

IPOs opened on Tuesday (day 1 total subscription) -Ramky Infra – 0 times (X) -Electrosteel - 0.09X -Orient green - 0.03X

IPOs closed on Tuesday Career Point -Total subscription at 47.4X -QIB at 47.45X, HNI at 102X, Retail at 31.7X

Eros International -Total subscription at 26.5X -QIB at 25.8X, HNI at 73.4X, Retail at 12X

Microsec Financial -Total subscription at 12.2X -QIB at 5.9X, HNI at 35.9X, Retail at 11X

Sun Pharma announces settlement with Levitt and Moros families -Sun Pharma acquires controlling interest of Taro Alert: Sun holds 36% equity in Taro, and has invested USD 110 million Alert: Levitt family holds 11% stake with 33% voting rights

ONGC only foreign firm to bid for Trebs & Titov oil deposits: Agencies -Oil fields hold near 200 million tonnes of oil reserves -Auction to be conducted on December 2, 2010 -Nord Imperial, ONGC’s Russian subsidiary, submitted bid on Monday -Bid submitted to Rosnedra, the authority for subsoil licences. -Russia's Natural Resources Minister Yuri Trutnev says govt to decide

IATA upwardly revises 2010 aviation outlook, says-Profit for 2010 to be USD 8.9 billion vs USD 2.5 billion -2010 revenue to grow to USD 560 billion-Demand in 2010 to grow by 11% vs 10.2% Capacity in 2010 to expand by 7% vs 5.4%

Mahindra Satyam to have board meet on September 29 to restate accounts

Essar Oil raises petrol prices by 27 paise/l: Sources NW18

Nitin Fire: Acquired substantial holding in Dubai based New Age Company LLC.

Panoramic Universal has further acquired 12.25% equity of M/s Sri Vatsa Hotels Ltd, a closely held unlisted public Company and a subsidiary of Panoramic Universal Ltd.

Allied Digital board approved issue of share warrants on preferential basis to ‘Intel Capital Corporation', US for value not exceeding Rs 32 crore

Orient Ceramics to acquire 62.9% stake in Bell Ceramics, to make an open offer (Stake acquired at Rs 20.69/sh)