Sensex Flat; Tata Steel Continues Uptrend

Mon, 10 Oct 11:30 am

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After opening the day on a flat note, the Indian share markets have continued to trade near the dotted line. Sectoral indices are trading on a mixed note with consumer durables sector stocks and power sector stocks witnessing maximum buying interest.

The BSE Sensex is trading up 62 points (up 0.2%) and the NSE Nifty is trading up 23 points (up 0.3%). The BSE Mid Cap index is trading up by 0.4%, while the  BSE Small Cap index is trading up by 0.6%. The rupee is trading at 66.58 to the US$.

Stocks in the banking space are trading on a flat note. Axis Bank and IDFC Bank are witnessing most of the brunt here.

As per a leading financial daily, Tata Steel is moving closer to striking a new deal over the 15-billion-pound pension pot that stands in the way of an agreement over of its UK steelworks.

As per the news, the company is understood to have opened talks with the UK's Pension Protection Fund (PPF) and the Pensions Regulator over an unorthodox restructuring deal. The deal, if finalised, would see a merger of its European arm with Germany's ThyssenKrupp.

An agreement on this matter could secure the immediate future of the Port Talbot plant in South Wales and its 4,000 staff members. Further, it can also aid other plants of the company across the country which were put up for sale in March this year.

The British Steel Pension Scheme is seen as the biggest obstacle to the merger of the Tata operation with ThyssenKrupp. The arguments are centered on using a regulated apportionment agreement. This framework allows companies to pump cash into a pension scheme in return for being allowed to continue trading without those liabilities.

Tata Steel Group is among the top-ten global steel companies with an annual crude steel capacity of over 29 million tonnes per annum (mtpa). It is now the world's second-most geographically-diversified steel producer, with operations in 26 countries and a commercial presence in over 50 countries. To know our views on the stock of Tata Steel, you can read our analysis of the company results (subscription required).

Presently the stock of Tata Steel is trading up by 2.4%.

Moving to the news from the commodity space... Crude oil is witnessing selling pressure today. This is seen as Iraq's oil minister urged oil and natural gas producers operating the country to continue increasing output next year. As per the ministry's statement, the minister has affirmed the need to proceed forth with increasing oil and gas production through enhancing the national effort and those of the licensed companies for the remainder of 2016 and also for 2017.

The above comments raised concerns for rising inventory levels in the coming months and weighed on crude oil prices.

One must note that OPEC members in a recent meet had decided to cut output. OPEC had agreed to reduce output to a range of 32.5-33 million barrels per day (bpd) from the present output of 33.24 million bpd. The deal was struck during talks in Algeria to ease global supply fears.

Until a few years ago, US$100 per barrel was the new 'normal' for oil prices. And then this capricious commodity proved everyone wrong. Early this year, crude oil prices hit US$30 per barrel for the first time in twelve years. The root of this turmoil has been the global supply glut.

OPEC is a major source of the turmoil we've seen in crude oil prices. Check out Asad Dossani's article, How OPEC Lost Control of Oil Prices, for more on this.

To keep a tab on the movements in crude oil and other commodities, you can read the stock market commentary from the Daily Profit Hunter team. Their commentary tracks the developments in the global economy as well as stock, currency and commodity markets.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

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