I've wondered what the daedric writing on it was so I translated it with microsoft word and this is what I got(Starting from the top and going right):

drey

indoril

telvan

hlaalu

redoran

Most of this makes sense but what is drey?is it another word for dagoth?(I mean the house)or maybe the temple?

It's dres, and it's one of the great houses of morrowind.


http://www.imperial-library.info/content/morrowind-great-houses-morrowind

Sorry for my translating mistakes.

As a note, most of the Daedric within the game is missing the letters X and Y (the Tel Fyr banner is the only example I can think of that has it). As such, words with x and y will typically just omit it.

Dr. Dre - traveling across dimensions.