Market Outlook: Indian markets are expected to open flat on the back of mixed sentiments

Market Outlook: Indian markets are expected to open flat on the back of mixed sentiments seen on the global counters. US stocks ended Wednesday on a positive note after a batch of economic reports offered hope that the US economy was improving. Most Asian stocks rose after U.S. reports showed employment and consumer sentiment improved, boosting confidence in a global economic recovery and driving commodity prices higher. Back to domestic markets overall trend remains sideways with technically support is at 5820 and strong resistance around 6010.

Global events to watch:

Þ US Holiday: Thanksgiving Day

Þ All Markets Closed

Global indices Update @ 8:

Dow Jones : 11187 (+150.9)

NASDAQ : 2543 (+48.17)

Nikkei 225 : 10066 (+35.93)

Hang seng : 23143 (+119.8)

SGX CNX Nifty : 5868 (+08.50)

INR / 1 USD : 45.66

Stocks in action for the day: Oracle, Sun Pharma, SCI, SKS, Jubilant Life, RIL, NTPC, JSW...

Bank Bribery Scam CBI says -8 officials of banks, finance company arrested -Names include LIC Housing Finance CEO Ramchandranan Nair, LIC Secretary (invst) Naresh Chopra -Central Bank director (CA) MS Johar, GM Bank of India RN Tayal, Delhi DGM of PNB, Venkoba Gujjal, Rajesh Sharma, Sanjay Sharma and Suresh Gattani of Money Matters -'A lot of crore involved' in bank bribery case -Cases relate to illegal gratification to PSB officials

RIL, NTPC may settle gas supply dispute out of court India`s most valuable company Reliance Industries (RIL) and Asia`s largest power producer NTPC may settle their five-year-old legal battle over a contract to supply natural gas from RIL`s field in the Krishna-Godavari basin to the state-owned power utility. NTPC took RIL to the Bombay High Court in 2005, complaining that RIL was not honouring a contract to sell 12 million standard cubic metres a day (mmscmd) of gas to its Kawas and Gandhar expansion projects in Gujarat for 17 years at USD 2.34 per unit. RIL contended the contract was not concluded. Industry sources and government officials with direct knowledge of the matter confirmed the willingness of both firms to settle the issue out of court.

JSW buys Canadian Coal Company India Inc. made yet another foray into the resource-rich Canadian market with JSW Energy buying the Canadian coal company CIC Energy for USD 422 million, thereby giving it a significant foothold in the lucrative coal sector in southern Africa. JSW joins Aditya Birla Group, Vedanta and the Tata Group in entering Canada in the past two to three years. The deal at USD 7.42 a share has been given the green signal by the board of CIC Energy, which is listed in both Toronto and Botswana in southern Africa. In Botswana, CIC Energy operates the Mmamabula coal and power station project.

Tata keeps Rs 8.5 bn to boost power supply in Mumbai till FY12 Tata Power plans to invest Rs 8.5 billion till FY 12 to beef up generation, transmission and distribution, a senior company official said. The company will be investing Rs 8.5 billion over 3-years (FY 10 till FY 12) to enhance its generation, transmission and distribution capabilities, said Tata Power`s Executive Director-Operations, S Padmanabhan. According to Padmanabhan, the company is also ``eyeing a customer-base of close 1,40,000 by March 2011`` from the existing clientele of 85,000. He claims more than 50,000 customers have shifted to Tata Power from its competitor-Rinfra-in recent months. Besides, to improve the power supply, the company has earmarked Rs 3 billion each for transmission and distribution while Rs 2.5 bn will be invested in upping generation capacity, he said.

Crompton Greaves plans Rs 400 mn research lab in Nashik Crompton Greaves (CGL), a part of the USD 4 billion Avantha Group, is planning to set up a research lab at its existing Nashik facility and this project is estimated to cost at Rs 400 million. ``The company is setting up a research lab at its Nashik facility and work on the project has already been started. An investment in this proposed Research Lab, which is expected to be operational in the next 8-10 months, is estimated at around to Rs 400 million,`` the sources close to development told Business Standard. The proposed research lab will cover a carpet area of 2,024 sq mts. Products ranging upto 600 KV will be tested in this Lab. Last week, the company’s Nashik facility had delivered its first 1200 KV product to the UHV (Ultra High Voltage) station of Power Grid Corporation of India (PGCIL) at Bina, Madhya Pradesh. This product has been indigenously developed and manufactured at CGL`s state-of-the-art Nashik facility.

Sun Pharma gets tentative FDA nod for generic Cymbalta: it received tentative approval from the US Food and Drug Administration to market the generic version of Eli Lilly & Co's Cymbalta. Cymbalta is used in the treatment of major depressive disorder, generalised anxiety disorder and diabetic peripheral neuropathic pain Cymbalta has annual sales of about USD 3 billion in the US market.

KS Oils Q4 -Net sales at Rs 1035 crore versus Rs 946 crore -Net profit at Rs 51.1 crore versus Rs 50.2 crore

Jubilant Lifesciences -Goes ex-scheme of amalgamation: -Amalgamation of Speciality Molecules and Pace Marketing Specialities Ltd with Jubilant Life Sciences Ltd, and demerger of Agri Products division, Performance Polymer division and IMFL division of Jubilant Life Sciences Ltd. into Jubilant Industries Ltd.

IRDA source: -IRDA team varified SKS documents; -IRDA found irregularities related to insurance; -SKS likely to be fined if found guilty. -SKS official reaction it was part of regular visit by IRDA.

Shriram EPC awarded order from SAIL for Rs 68 crore for Durgapur Steel Plant

MRF to announce Q4 and FY10

SCI board meet today to consider the pricing of proposed Follow on Public Offer

Kingfisher board meet today to consider issue of convertible and/or redeemable securities to the consortium of lenders (pursuant to a debt recast package), the promoters / promoter group of Kingfisher Airlines Ltd., their PACs and/or other investors

Sun Pharma goes Ex-split 5:1; announces USFDA tentative approval for generic Cymbalta

SEBI bars Sahara India from raising funds from market

RIL, NTPC may settle gas row out of court – ET

50 Kingfisher pilots quit to join rival Jet Airways – ET

Oracle wins USD 1.3 billion from SAP in copyright case – Agencies

UPC independent directors reject Unitech buyout offer – DNA

Reliance Broadcast Network in talks to buy stake in radio city – mintMsearch