Markets Trade in Red on Negative Global Cues

The Global Markets gives out negative clues this morning. U.S. stocks fell for the first time in five days, ending the longest streak of gains for the Standard & Poor’s 500 Index since July, on concern the European debt crisis may worsen, hampering global growth. European stocks retreated from a four-week high, led by declines in financial shares, on lingering concern that the sovereign-debt crisis will hold back the global recovery. This morning Asian stocks fell, dragging the MSCI Asia Pacific Index lower for a second straight day, on concern a stronger yen will hurt Japans economic growth. In commodities, Oil declined for a third day in New York amid speculation that Europe’s debt crisis may worsen, hampering global growth and crimping fuel demand. Gold traded near a record as a drop in equities increased the appeal of the precious metal as an alternative investment. Silver gained to near the highest level since March 2008. Copper futures fell for the first time in four sessions as the dollar climbed, reducing demand for the industrial metal as an alternative investment. The Indian markets taking cues from its global cues trade on a negative note this morning. The main draggers this morning are the Metal, Capital Goods and Realty indices. Some support is provided by the Healthcare and PSU indices. Market breadth is positive with 1,627 advances against 996 declines. The Sensex trades in red at 18,600.14 declining 44.92 points or 0.24 percentage points. Nifty trades at 5583.50 declining by 20.50 points or 0.37 percentage points.