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

Market Outlook: Indian markets are expected to open in positive terrain on back of recovery seen on the global counters. Overall market should continue uptrend and close positive on the last day of the year. The crucial support on the downside for the Nifty is 6000 and resistance at 6130-6150

Global events to watch

Þ No major events to watch

Global indices Update @ 8:

Dow Jones : 11569 (-15.67)

NASDAQ : 2662 (-03.95)

Nikkei 225 : 10228 (-115.6)

Hang seng : 23043 (+43.83)

SGX CNX Nifty : 6136 (+09.50)

INR / 1 USD : 44.90

Stocks in action for the day: Dwarikesh Sugar, Hind Copper, NTPC, SBI, ONGC, JSL, RPP Infra...

SBI board approves raising Rs 10,000 crore-SBI says to raise funds via retail bonds by end of next fiscal

Public offers Hindustan Copper FPO likely at 72% discount –-Tata Autocomp IPO soon -C Mahendra Exports IPO opens today; closes on Jan 6; to raise Rs 142.50-165 cr; price band Rs 95-110/share

RBI releases 2nd financial stability report -RBI says banks' asset quality continues to warrant monitoring -Inflation continues to rule at elevated levels -Fiscal position still under pressure -Stressed liquidity conditions warrant caution -Growing offshore rupee market constrains policy actions -Efficacy of interest rate corridor needs to be improved foreign banks' offshore B/S -Exposure warrants monitoring proposed cap rules unlikely to stretch banking -System tests show banks reasonably resilient to macro strains

November infrastructure sector growth 2.3% versus 5.9% (YoY) -April-November infrastructure sector growth 5% versus 4.5% (YoY)

Rajeev Chandrasekhar to Kapil Sibal: Exclusive -DoT has track record of colluding with telcos -Place DoT’s notices to 2G telcos in public domain -Corporate wars are symptom & not the cause -Don’t make telecom policy only about corporates -Include citizens in telecom policy making -Rid DoT of lobbyists & wheeler dealers -TRAI’s independence needs to be strengthened -Prepared to assist DoT in cleaning the mess -Sibal has acknowledged Chandrasekhar’s letter

Reliance ADA group drops ADA from master brand -ADAG Master Brand now only RELIANCE -New Brand ID rollout this month-All group services to be under RELIANCE brand -Individual service name goes out of logo 'Everything now only RELIANCE'

Sahara India Pariwar acquires Hotel Grosvenor House in London Grosvenor Hotel now owned by Aamby Valley Sahara India says Acquisition part of Sahara's expansion plans -Grosvenor House to be gateway for group's new international business venture

ONGC hires deepwater rig from Vantage for USD 1 bn State-owned Oil and Natural Gas Corp (ONGC) has hired an ultra-deepwater drilling rig from New York Stock Exchange-listed Vantage Drilling Company for USD 1.1 billion for five years. ``The ultra-deepwater drillship, Platinum Explorer, commenced operations for ONGC in India (on December 29),`` Vantage said in a press statement. ONGC has contracted Platinum Explorer for five years for USD 1.1 billion, it said. The rig has been newly built at Daewoo Shipbuilding and Marine Engineering`s Okpo shipyard in Korea. The Platinum Explorer, following completion of shipyard construction, was mobilised to Indian waters this month. The rig is owned 45% by Vantage and 55% by an affiliate of TMT Inc (TMT). Vantage will operate the rig pursuant to a management agreement which provides for fees to Vantage, in addition to its proportionate share of cash flow.

JSL, Gridco sign Power Purchase Agreement JSL (formerly Jindal Stainless) entered into a Power Purchase Agreement (PPA) with Grid Corporation of Orissa (Gridco), the bulk purchaser of power in the state, for its 1320 MW Independent Power Plant (IPP) proposed to be set up at Luni in Dhenkanal district at an investment of Rs 73.75 billion. The PPA was signed by Rajdeep Mohanty, resident director, JSL and A C Mallik, director (commercial), Gridco in the presence of P K Jena, the state energy secretary and Hemant Sharma, managing director of Gridco. With the signing of this agreement, JSL will be in a position to supply 158MW of power to the state grid on continuous basis, thereby helping the state during power crisis. Besides, JSL, through its CSR (Corporate Social Responsibility) activities, will take up environmental & development work in the Dhenkanal district.

RPP Infra plans solar plant in Tamil Nadu RPP Infra Projects, involved in the construction of highways, roads and bridges, today said that it plans to enter into solar power projects by setting up a 5 MW plant in Tamil Nadu. The project, to be set up at Kamudhi, Ramanathapuram district in Tamil Nadu, would require an investment of Rs 800 million and will start operation in FY 12. ``Solar power is one of the major non conventional energy resources available in plenty in this sub continent. We will be investing around Rs 800 million in the project, to be set up in Tamil Nadu,`` RRP Infra`s Chairman and Managing Director, Arul Sundara m, said in a statement here. The company also plans to form joint ventures with potential solar cell manufacturing companies in Thailand and China for the project, he said. The company is in advance talks with Thai Agency Engineering Cooperation and is also looking for the prospective partners from the company in China for the project. ``We are also looking for prospective partners in China for our project. We will be finalising a potential partner in the coming months,`` Sundaram said.

Dwarikesh Sugar divests 60% stake in its wholly owned subsidiary Faridpur Sugar

Cabinet okays NTPC plans to buy power equipment

Sun Pharma gets tentative US FDA nod for Generic Boniva

JSW Energy starts commercial operations of second 300 MW unit at Ratnagiri

Corporation Bank revised Base Rate for lending from 8.25% p.a. to 8.90% p.a. with effect from January 3

Selan Exploration - Ex bonus 1:10