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

Market Outlook: Market Outlook: Indian markets are expected to open flat and trade in the range of 5820-5980. All eyes on RBI meet scheduled at 12 noon today, We expect RBI is likely to keep rates unchanged but given the tight liquidity situation now, there are widespread expectations that RBI would take some more steps to ease the inflationary pressure. If any increase in policy rates at this point could exacerbate the strain. The crucial support on the downside for the Nifty is 5820 and resistance at 6010.

Global events to watch:

Þ Housing Starts

Þ Jobless Claims

Global indices Update @ 8:

Dow Jones : 11457 (- 19.07)

NASDAQ : 2617 (- 10.50)

Nikkei 225 : 10312 (+02.46)

Hang seng : 22960 (- 14.93)

SGX CNX Nifty : 5901 (+05.00)

INR / 1 USD : 45.32

Stocks in action for the day: ONGC, Hero Honda, RCom, Oswal Chem, BoB, Essar Steel...

ONGC board-meet today to consider Bonus, stk split, and special dividend

Govt to allow 5 lakh tonnes of sugar exports

Hero Honda board-meet today to finalize terms of disengagement

Advance Tax Payment - Sources say Top 100 corporate advance tax payments (Mumbai) grow by 28% (yoy) Top 100 corporate advance tax payments @ Rs 17,000 crores v/s 13,100 crores (yoy)

BoB inks Spanish JV to ride credit card boom Bank of Baroda has sold 51% of its equity stake in its credit card company, Bobcards, to a Spanish bank BBVA for euro 34 million. The Madrid-headquartered BBVA, or Banco Bilbao Vizcaya Argentaria, is Spain`s second-largest bank with more than euro 557 billion in total assets and a presence in over 30 countries. Given the present conversion rate of Rs 60.27 per euro, the value of the deal works out to Rs 2.05 billion. In a statement issued to the media, the bank has said, ``Through this joint venture, Bobcards aims to become a leading credit card player in the Indian market and plans to issue more than 5 million cards in the next eight years, using top-notch technology, state-of-the-art risk management tools and models.``

Reliance Power ties up Chinese bank funds for Sasan project Reliance Power, part of the Anil Dhirubhai Ambani Group (ADAG) on Wednesday said it has tied up financing of Rs 50 billion (USD 1.1 billion) from Chinese banks to import power equipment for its 3,960 MW Sasan project in Madhya Pradesh. ``The Chinese bank financing of over Rs 50 billion (USD 1.1 billion) is to support import of power equipment from Shanghai Electric. This is the largest financing provided by Chinese banks to an Indian project across various sectors,`` said a statement from Reliance Power. The Chinese banks that gave their final commitment towards the project are Bank of China (BOC), China Development Bank (CDB) and the Export Import Bank of China (C-EXIM).

Essar Steel in pact with Kobe Steel Essar Steel on Wednesday said it has signed agreements to collaborate with Japan`s Kobe Steel for manufacturing high-value steel products for use in the automotive sector. Under the terms of the agreement, Essar Steel and Kobe Steel will explore the possibility to set up a joint venture to design and make high-grade products. Kobe and Essar already have a pact to share advanced technology and resources in steelmaking. ``This agreement will strengthen Essar Steel`s portfolio for high-end applications,`` said CEO Malay Mukherjee.

Novartis wins Alcon in USD 12.9 bn agreement Novartis AG will take full control of Alcon Inc, the world`s largest eye-care company, after agreeing to pay USD 12.9 billion for the stock it doesn`t own to end an 11-month dispute with minority shareholders. Novartis rose the most in more than two years in Zurich trading after saying it will buy back shares to offset the issuance of stock. The payment will be a combination of Novartis stock and, if necessary, cash to bring the value of the bid to USD 168 a share, the Basel, Switzerland-based company said today in a statement. Alcon`s independent directors recommended approval. Novartis`s initial offer in January valued Alcon shares at USD 153.

Siemens sells IT unit to Atos Origin for USD 1.14 bn France`s Atos Origin will acquire Siemens` IT unit Solutions and Services (SIS) in an euro 850 million (USD 1.14 billion) deal, the German conglomerate said late on Tuesday. ``We are creating a European Champion,`` Siemens CEO Peter Loescher said. The deal is expected to have a ``considerable negative earnings impact`` in Siemens’ fiscal 2011, it said in a statement. The deal is structured in order to be short-term accretive on the earnings per share for Atos Origin, it added. The deal caps efforts by Europe`s biggest engineering company to spin off its money-losing IT unit and paves the way for Atos Origin to reach a global scale. Following this deal, Atos Origin will become a major league player in cloud computing, which Siemens said will be a major growth driver in future.

RCOM has signed MoU with China Development Bank Corporation for 10 year Financing of US$ 1.93 Billion (Rs 9,000 crore).

Oswal Chem To Mull Chembur Land Joint :: Development On December 23

Canoro stops production at disputed Assam Oil Block – BS

Ackruti City Moves SAT Against SEBI Trading Ban Petition Admitted By SAT SAT Permits Promoters To Pledge Shares For Credit Facilities Promoters Can Pledge Shares With Registered MFs & FIIs Case To Come Up For Hearing :: On January 21

From Agencies Environment Min Says Final Order On HCC's Lavasa Project Likely By December 31 OMCs To Raise ATF Prices By 3.6% Effective Midnight

Essar Oil Official Says Co Raises Petrol Prices By `2.96/L

FM On Petrol Price Hike Have Already Deregulated Petrol Prices Petrol Price Hike Was A Cabinet Decision Crude Oil Price Has Gone Up To $90/ Barrel In Intl Market Have No Choice But To Hike Petrol Prices

RPower receives LOI for 100 Mw project Project to be set up in Rajasthan Project part of the Jawaharlal Nehru National Solar Mission

Jupiter Bioscience Board meet on 24th to discuss on the fund raising plan to meet the overseas acquisition and growth objectives of the Company. Equity Shares / Convertible Share Warrants to the Promoters/ Associates

Srinivasa Hatcheries Approved the proposal for diversification of operations by setting up 3 MW Wind Power Project at Gangavanasara Village, Davangere District, Karnataka at an estimated project cost of Rs. 17.90 crores.

Nouveau Multimedia Board meet on 22nd To consider expansion of Company's Business Activities i.e. to enter in to Agricultural Business viz. to enter in to business of trading in the agricultural products and start lease farming

Simbhaoli Sugar pref allotment of 30 lk at a price of 50 (cmp at 42) ( the new part is the price)

Subway Fin open offer at Rs 18/sh

Texmo Pipes board meet today to consider and decide the date of opening of the issue of GDRs upto an amount of US$ 25 Millions

Tantia Construction board meet today to consider preferential allotment of Securities to the Promoters / Promoter Group Companies

Nitin Fire board meet today to Consider and approve Strategic Deal, Joint Venture, Alliance, Strategic Partnership, Formation of New Company and Acquisition of new business

GTLInfra board meet today to approve the Draft Scheme of Amalgamation of SPV (which acquired Aircel Tower Assets) with the Company.

Eclerx board meet today to to consider a proposal to raise Long Term Financial Resources

Digjam to offer 50 lk shrs of Rs 10 (ie 5cr) as per required Asset Reconstruction Company

PBA Infra bags order Rs 25.65 cr