Markets Trade on a Steady Note

The Global Markets gives out negative cues this morning. U.S. stocks fell, sending the Standard & Poor’s 500 Index to the biggest three day decline since July 1, after an unexpected rise in unemployment claims added to evidence the recovery is weakening. European stocks advanced as a rally in food and beverage shares outweighed an unexpected increase in U.S. jobless-benefit claims that boosted concern the worlds largest economy may be sliding back into recession. This morning Asian stocks fluctuated as earnings reports and broker upgrades overshadowed an unexpected rise in U.S. unemployment claims. In commodities, Oil rebounded from a one-month low in New York as the dollar declined against the euro and some investors took the view a drop below $76 a barrel made the commodity attractive to buy. Gold is set for its second weekly advance as growing concern that the global economic recovery may be in jeopardy helps rekindle investor interest in safer assets. Copper prices rose the most in a week on speculation that a slump to two-week low was overdone, given shrinking inventories. The Indian markets after a firm opening, the markets extended their gains further to touch a high of 18,175, up 95 points from the day's opening.  All the sectoral indices trade in green this morning. The main gainers are the Banking, PSU and FMCG indices gaining more than one percentage points. Market breadth is positive with 1,792 advances against 883 declines. The Sensex trades in green at 18,159.29 gaining 85.39 points or 0.47 percentage points. Nifty trades at 5448.05 gaining by 31.60 points or 0.58 percentage points.