Stocks in action for the day: Wockhardt, GVK Power, Unitech, NMDC, BHEL, Maruti.

Market Outlook: Indian markets are expected to open with a gap down mark on the back of feebling sentiments on the Asian markets.

Global Markets: Global stocks are recording their fourth straight day of gains as traders bet that policymakers' attempts to address the eurozone fiscal crisis have succeeded in reducing stresses in the financial system. Wall Street hopes for more Fed action and clear signs European leaders will follow through on their new urgency to tackle the eurozone debt crisis if US stocks are to build on their best week since early July. investors expect the Federal Reserve to take steps to pull down long-term interest rates when policymakers meet on Tuesday and Wednesday to help revive the persistently weak US economy vestors expect the Federal Reserve to take steps to pull down long-term interest rates when policymakers meet on Tuesday and Wednesday to help revive the persistently weak US economy. While Asian markets trading lower; Hang Seng, Straits Times slip.

Back to Indian Markets are following global cues, so we continue to hold a cautious outlook with support 4990 and resistance at 5120.

Global events to watch for today:

Þ Housing Market Index

Þ 4-Week Bill Announcement

Þ 3-Month Bill Auction

Þ 6-Month Bill Auction

Global indices Update @ 8:

Dow Jones : 11509 (+75.91)

NASDAQ : 2622 (+15.24)

Nikkei 225 : 8864 (+195.3)

Hang seng : 18993 (- 461.8)

SGX CNX Nifty : 5020 (- 67.00)

Gold (USD/t oz.) : 1824 (+09.70)

Nymex Crude (F) : 86.76 (-1.24)

INR / 1 USD : 47.46

Technofunda Call:

BUY Wockhardt Stoploss 382 Target 405

SELL ICICIbank: Stoploss 890 Target 856

Pick Of The Week : SHREE GLOBAL TRADEFIN LTD (357)

Shree Global Tradefin Ltd is an Indian company engaged in the business of trading steel products. Their products include hot rolled (HR) coils/ cold rolled steel sheet, mild steel (MS) channel/ MS angle and hot rolled plate/ MS beam. The company has planned to acquire equity interest in Lloyds Steel Industries Ltd.

Technical Picture: This counter has suddenly caught attention of the bulls as there is some heightened buying interest emerging last week. After forming a hammer pattern on the weekly charts few trading sessions ago the prices have been constantly moving higher. On close observation of the ADX crossover we notice the DI lines are widening indicating potential buying opportunities in this counter for the coming week. The volumes have also shown an increase helping prices stage a breakout to close above the strong descending trendline on the weekly charts. As broader markets continue to remain volatile with a bullish bias one can expect the upward traction in this counter to continue. Look to go long.

Strategy: BUY above 356 and on dips near 335 with stop below 328 for target 383 / 398.

Stocks in action for the day: Wockhardt, GVK Power, Unitech, NMDC, BHEL, Maruti.

GVK group acquires Hancock Coal & Infra in Australia -Deal valued at USD 1.26 billion; payable in phased manner -Acquisition done via group arm GVK Coal Developers, to initially hold 10% in arm -Has option to hike stake in GVK Coal Developers to 49% -Acquisition to get 79% in Alpha Coal & Alpha West Coal -Acquisition to give 100% stake in Kevin's Corner Coal Project -Acquisition to give 100% stake in Rail Project to Abbot Pt Port.

GVK Power on acquisition says -Acquisition funding requirements have been tied up -Primary funding for acquisition by equity -Looking at raising more than USD 1 billion at holding company level -Looking at strategic investors keen to take a minority stake in holding company -Will not look at dilution of equity in company

FM says: Inflation at unacceptable levels; must be contained -RBI taking monetary policy steps to contain inflation -RBI policy formulated in consultation with govt -No decision to raise LPG, diesel, kerosene prices

Banking Secretary says -Govt got request for fund infusion from 6-7 banks -Committed to fund infusion to PSU banks including SBI -May make supplementary demand for banks' fund infusion -Govt to ensure 58% share, 8% tier-I capital in PSU banks

Jet Airways says -To hike fuel surcharge by Rs 200 per domestic sector -Fuel surcharge hike effective September 17 -Fuel surcharge hike applicable to Jet, Jet Konnect, JetLite

JLR to build 400m pound engine plant in UK – Reports

Alfa Laval board meet today to consider delisting, parent currently holds 88.77% stake (CMP Rs 1960)

Maruti Suzuki to resume production at its Manesar & Gurgaon plants

Coal India ’s import initiative falls through, no taker abroad for its offer of a long term contract at discounted prices (ET)

Green panel gives a conditional nod to JSW Steel ’s Bellary plan expansion (ET)

GMR promoted DAIL seeks regulators’ nod for 5 fold increase in airport charges – FE

Emami to invest around Rs 2000 crore in the healthcare segment over the next two years, subsidiary to dilute 25% to PE firms & add 7 hospitals (BS)

Indian Railways may award contracts worth Rs 26,000 crore to BHEL on a nomination basis (FE)

NMDC raises iron ore output in Karnataka upto 30,000 tonnes per day (Mint)

Steel ministry demands a hike in export duty on iron ore to 30% from the existing 20% (Mint)

Telenor to raise upto Rs 8000 crore in Unitech JV via rights issue & debt; also eyeing a second partner if Indian company stays away (TOI)

SBI says: Will pass on RBI rate hike to customers in 2-3 weeks

Bank Of Maharashtra to hike loan rates from October 1 & keep deposit rates unchanged

Prakash Constrowell IPO with a price range of Rs 130-138/sh opens today

F&O ban: ABG Shipyard, Gitanjali Gems

CCI clears Wockhardt ’s proposal to sell its nutrition business to Danone

BSNL may scrap 15 million lines GSM Tender

Ipca Labs board approves amalgamation of Tonira Pharma