Market Outlook: Indian markets are expected to open on flat note

Market Outlook: Indian markets are expected to open on flat note and trade in the range of 5950-6060 on the back of mixed reaction seen on the global counters. The crucial support on the downside for the Nifty is 5950-5920 and resistance at 6090-6120.

Global events to watch

Þ Bank Reserve Settlement

Þ MBA Purchase Applications

Þ 7-Yr Note Auction

Global indices Update @ 8:

Dow Jones : 11575 (+20.51)

NASDAQ : 2662 (- 04.39)

Nikkei 225 : 10309 (+17.31)

Hang seng : 22746 (+124.4)

SGX CNX Nifty : 6013 (- 03.00)

INR / 1 USD : 45.17

Stocks in action for the day: M&M, PFC, ONCG, Nitin Fire, Mindtree

Punjab and Sind Bank IPO lists on December 30

SAT sets aside SEBI order against Bhushan group companies -SEBI had fined cos for violation of takeover rules Case related to acquisition of Orissa Sponge Iron & Steel SAT allows appeal of Bhushan Group companies

Mindtree says -Expect to merge wireless business with self shortly -MindTree to realize additional operational synergies post merger -Decided to restructure wireless business as design service -Restructuring costs between USD 3.6-3.9 million -Restructuring costs will be added to P&L account for the quarter

IRDA - -IRDA gives regulatory nod to 2 insurance JVs -IRDA gives R1 approval to Edelweiss Tokio Marine Life Insurance JV -IRDA gives R1 approval to Religare-Union Bank Health Insurance JV

M&M faces USD 290 million law suit by Reva ally in New York – DNA

Finance Ministry plans fast track sale of PFC and Rashtriya Ispat Nigam to make up for shortfall in disinvestment target – ET

China’s largest govt owned energy firm CNPC has approached ONCG for alliance to access India’s oil and gas assets – ET

US firm buys 60% stake in Nitin Fire Protection subsidiary for USD 21 million – PTI

Indian Hotels 10% stake in International hotel chain Orient Express Hotels valued at half the price they invested in 2007 – BS

Gitanjali plans to raise USD 100 million by diluting 10% stake, company also announced acquiring 90% stake in Italian firm – BS

ABG Infra Logistics buy back at Rs 244.5/sh, opens on January 31, closes on February 14

Securities in F&O ban: ABG Shipyard, Core Projects, Kingfisher Airlines, Orchid Chemical, Suzlon

Maytas Infra - in JV with Gayati Projects bags a contract worth Rs 1130.6 crore from Nagaland Govt

State Bank of Travancore - approved the augmentation of Rs 500 crore (including premium) of capital through Rights Issue.

Genesys International board meet today to consider fund raising upto Rs 350 crore

Pradeep Metals board meet today to consider issue of securities/warrants to promoters

Sharda Ispat - ex scheme of arrangement

Chartered Logistics board approved bonus of 1:1