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Dev Digital Signs & Prints
February 5, 2007, 5:02 pmMajor sell-off unlikely in short-term
February 5, 2007, 10:02 am
It was yet another record breaking week with market indices closing at their all time weekly highs. On the BSE, the Sensex cruising towards the 15K level closed at 14404 and the Nifty on the NSE finished closer to 4200 at 4184. The markets took the big events of the week — Tata Steel’s acquisition of Corus, RBI’s mid term review of credit policy and the US Fed meet — in their stride and rallied with other global markets.
On a macro-level, rising crude prices, inflation and hardening interest rates continue to be a cause for worry. With the end of Q3 results season, the focus of market players is now on the Union Budget. The markets do not expect any major negative surprises from the finance minister and expect the Government to take the reform process to the next level.
Barring routine bull market corrections, a major sell-off is unlikely in the short-term, feel market players.
For the week ahead, chartists tout a trading band of 14200-14680 for the Sensex and 4090-4315 for the Nifty. Supports exist for the Sensex at 14220 and 14060 and for the Nifty at 4120 and 4080.
Weak market breadth on many days indicates that market activity will be concentrated on select stocks and select sectors. Distribute risk. Do not concentrate in one stock, but trade in equal lots of basket of stocks.
Courtesy : www.asianage.com
On a macro-level, rising crude prices, inflation and hardening interest rates continue to be a cause for worry. With the end of Q3 results season, the focus of market players is now on the Union Budget. The markets do not expect any major negative surprises from the finance minister and expect the Government to take the reform process to the next level.
Barring routine bull market corrections, a major sell-off is unlikely in the short-term, feel market players.
For the week ahead, chartists tout a trading band of 14200-14680 for the Sensex and 4090-4315 for the Nifty. Supports exist for the Sensex at 14220 and 14060 and for the Nifty at 4120 and 4080.
Weak market breadth on many days indicates that market activity will be concentrated on select stocks and select sectors. Distribute risk. Do not concentrate in one stock, but trade in equal lots of basket of stocks.
Courtesy : www.asianage.com
Invest or we strike, top UK union tells Tata
February 5, 2007, 10:01 am
Britain’s leading steel union, Community, has warned Tata Group that unless it invested heavily in the future of Corus it will face widespread industrial action.
The threat comes as Mr Ratan Tata, the Group’s chairman, cautioned that there were no guarantees over job safety.
Community, formerly the Iron and Steel Trades Confederation, is particularly concerned about the future of the Port Talbot works in South Wales, where it believes investment of £200 million in steel finishing capacity is needed to secure the plant’s future. More than 3,100 of Corus’s 24,000 workforce are employed there.
A senior Community official told the Observer that the union is seeking an urgent meeting for assurances on future investment.
"Tata can invest in the future or it risks a serious industrial dispute in the UK. We are quite prepared to go to these lengths. It needs to put £200 million into Port Talbot. That’s what it paid bankers for the advice on the deal. It’s peanuts," he said. Tata had last week edged out CSN to gain control of Corus in an auction that valued the Anglo-Dutch steelmaker at £6.7 billion.
Meanwhile, Mr Tata on Sunday said that though the licence permit raj was over, some businesses still believed they could get away with violating the law. "There is always a view among some segments of the industrial community that they are above the law and they can manage the environment. The licence permit raj is over but there are businesses that think they can get away with the violations of law. If the enforcements were stricter and more uniform, then India, would become a mo-re better place," he said in an interview to a TV channel in New Delhi.
Courtesy : www.asianage.com
The threat comes as Mr Ratan Tata, the Group’s chairman, cautioned that there were no guarantees over job safety.
Community, formerly the Iron and Steel Trades Confederation, is particularly concerned about the future of the Port Talbot works in South Wales, where it believes investment of £200 million in steel finishing capacity is needed to secure the plant’s future. More than 3,100 of Corus’s 24,000 workforce are employed there.
A senior Community official told the Observer that the union is seeking an urgent meeting for assurances on future investment.
"Tata can invest in the future or it risks a serious industrial dispute in the UK. We are quite prepared to go to these lengths. It needs to put £200 million into Port Talbot. That’s what it paid bankers for the advice on the deal. It’s peanuts," he said. Tata had last week edged out CSN to gain control of Corus in an auction that valued the Anglo-Dutch steelmaker at £6.7 billion.
Meanwhile, Mr Tata on Sunday said that though the licence permit raj was over, some businesses still believed they could get away with violating the law. "There is always a view among some segments of the industrial community that they are above the law and they can manage the environment. The licence permit raj is over but there are businesses that think they can get away with the violations of law. If the enforcements were stricter and more uniform, then India, would become a mo-re better place," he said in an interview to a TV channel in New Delhi.
Courtesy : www.asianage.com