By P.N.Vijay, Source: Email
Market takes a breather
The strong bull run which had given the market an unprecedented 7-week winning run had to slow down and it did last week- atleast in India. The broad market indices fell about 0.7 to 0.8 per cent as investors chose to take some profits off the table. Some caution before the second quarter earnings and before the U.S monthly job data which came out after India closed on Friday could be cited as reasons. But it is still a bull phase in a bull market and investors are quick to buy into declines.
U.S. starting a war against export of jobs and weak currencies
The jobs data from the U.S in September when it came was not bad and interestingly private sector showed very good job accretion. The Unemployment rate remains doggedly at 9.6% and President Obama fights the mid term polls with jobs being exported overseas as a big issue. One would recollect that he has been trying to stop IT jobs from coming to India by tightening visa regulations. Now he has upped the ante against the Chinese for keeping the Yuan low and ‘stealing’ U.S. jobs. While China has been the ‘big villain’ in this act, competitive currency devaluation has even got the IMF angry. The Agency made a tough statement asking nations not to indulge in back door protectionism. India has played its hand very decently and allowed the Rupee to appreciate slowly. It makes sense for us as a strong Rupee is the best answer to surging domestic inflation. One has not heard the last of these Currency Wars yet.
The Shame called CWG
It is now become too common in Delhi to bemoan the miserable manner in which CWG ahs been organised and every day new facts come out which make it all bizarre. A few more are being put here more to create awareness what happens when we allow incompetent and corrupt people run riot.
CWG spent Rs 112 crs for making its Web site giving the contract to an Aussie firm. India provides software to the whole world and the most watched sporting event in the world – The Football World Cup held in South Africa recently had software entirely developed by Mahindra Satyam.
While Stadia are empty passes for Reserved seats are being sold by Government officials in the black market. If you access the CWG site and look at the seating in the stadium you will observe more than half the seats-and the best ones- are reserved for Government Babus! Adding insult to the injury, when genuine spectators go to buy tickets at the stadia, the ticket vending machines do not work!
And the worst in my view: the two main TV stations DD National and DD Sports ad nauseum show some third rate events in which some nth rate Indian is playing. For example when the 100 Metres final was being run at 7.30 PM on Thursday at JNL stadium these morons were showing a tennis match in which some Indian guy ( ranked 5000th in the world!) was playing. Very few know that all the best programs come on DD Urdu and DD Bharti ( yes I am not joking!). In Tata Sky it is 898 and 157! How in heavens name can we ever become a sporting nation when our Government feels that a 10th rate Indian event is better than world champions running and swimming!
I still have to recount my stories when I went for the Gymnastics events, but this is getting too long.. Some other day maybe!!