TECHOUTLOOK : Nifty support seen at 5217 with an resistance level at 5329.

Market Outlook: Indian markets are expected to open with a gap-up tracking constructive trend seen global market after A surprise 25 bps rate cut by ECB and Greece calling off the referendum gave Wall Street its second session of strong gains.

Key earnings to watch: Bharti Airtel, ONGC, Marico, Apollo Hospitals, GSK Pharma, GSK Consumer Healthcare, HCL Infosystems, Godfrey Phillips, Tulip Telecom, Elecon Engineering, Amrutanjan Healthcare, Venky’s, TV 18 Broadcast, NCC, Mangalam Cement, Bharat Gears, Alphageo India, Elder Pharma, LCC Infotech, Geodesic, Gokaldas Exports, NRB Bearing.

US Market: A surprise 25 bps rate cut by ECB and Greece calling off the referendum gave Wall Street its second session of strong gains. Major indices were back into positive territory for the year. European markets too closed higher.

Global events to watch:

Þ Nonfarm payrolls data for October expected today. Consensus estimates indicate it rising to 103,000.

Þ unemployment rate is expected to hold steady at 9.1%

Global indices Update @ 8:

Dow Jones : 12044 (+208.4)

NASDAQ : 2697 (+57.99)

Nikkei 225 : 8750 (+110.3)

Hang seng : 19841 (+598.7)

SGX CNX Nifty : 5234 (- 39.50)

Gold (USD/t oz.) : 1759.7

Nymex Crude (F) : 93.63

INR / 1 USD : 49.37

TECHOUTLOOK : Nifty support seen at 5217 with an resistance level at 5329.

ü SELL Bharti Airtel Sl 388 Target 370.

ü BUY SBI SL 1910 Target 2025

Stocks in action for the day: IOC, Usha Martin Edu, Ackruti City, TTML.

Montek Singh Ahluwalia says -Will see short term deviation from Fiscal deficit target -Growth has been low; slippage of fiscal deficit expected -Lower growth will lead to structural adjustments in fiscal deficit -Brokerages have upped fiscal deficit target from 4.6% to over 5% in recent weeks

IOC hiked petrol prices by Rs 1.82/litre from midnight IOC to CNBC-TV18: -Had to increase petrol prices on account of depreciating rupee -Were losing Rs 1.52/litre on petrol -Increased petrol prices by Rs1.80/litre taking into account state levies -Centre still not released Rs 15,000 crore compensation for Q1 -Sources say HPCL, BPCL to follow suit & hike petrol prices

Raymond Says -I-T officials at company's premises since morning -Co-operating with authorities in search operations -Premature to discuss details at this point in time

Govt sources say -Heavy Industries Ministry supports levying of import duty -Fair on industry's part to ask for levying import duty -Heavy Industries Ministry to write to Power Ministry on Orissa UMPP

Sesa Goa to acquire 100% stake in Goa Energy Private Ltd for Rs 53.72 crore

Usha Martin Education defers rights issue of shares in its board meeting

Power companies face ratings downgrade, to add to funding woes

Ackruti City in talks with PE firms to raise Rs 150 crore (ET)

Case against Lavasa to be filed today (BS)

Ranbaxy ’s plan for Lipitor fuels speculation (BS)

De Nora India announces buy back at maximum Rs 105/sh (CMP: 96)

Texmaco likely to venture into infrastructure development (DNA)

Mamta Banerjee to mull future with UPA govt today – TOI (unhappy with petrol price hike)

FDI in single brand retail likely to be raised to 74% from 51% - BS

Ashok Leyland Q2 -Net profit at Rs 154.1 cr vs Rs 167.1 cr (YoY) -Net sales at Rs 3,094.6 cr vs Rs 2,714 cr (YoY)

Sun TV Q2 -Net profit at Rs 180 cr vs Rs 167 cr -Income from operations at Rs 451 cr vs Rs 425 cr

TTML Q2 -Net loss at Rs 130.2 cr vs loss of Rs 119.3 cr (QoQ) -Net sales at Rs 613.2 cr vs Rs 585 cr (QoQ)