Markets Trade on a Flat Note in Early Trades

The Global Markets gives out negative cues this morning. U.S. stocks fell, trimming the best September rally for the Standard & Poor’s 500 Index since 1939, amid concern that Europe’s debt crisis will worsen and the profit outlook for banks and retailers is deteriorating. European stocks retreated after disappointing results from Hennes & Mauritz AB added to concern that economic growth is slowing as the regions sovereign debt crisis continues. This morning Asian stocks fell, cutting the MSCI Asia Pacific Index’s biggest monthly gain since May 2009, amid concern Europe’s debt crisis will slow a global economic recovery and after Nintendo Co. cut its profit forecast. In commodities, Oil traded little changed near a seven-week high after a U.S. government report showed an unexpected decline in gasoline supplies as refiners cut operating rates to the lowest level since April. Gold futures rose to a record for the ninth time since mid-September as the slumping dollar boosted demand for the precious metal as an alternative investment. Silver reached the highest price since 1980. Copper dropped for the first time in three days after China stepped up measures to rein in property prices, dimming the demand outlook. The metal slumped by the most in almost three months in Shanghai. The Indian markets started the day on a flat note drifting into the negative territory as the day progressed. All the sectoral indices trade in red this morning. The main draggers are the Oil & Gas, PSU and Consumer Durables indices. Market breadth is negative with 992 advances against 1,498 declines. The Sensex trades in red at 19,906.78 declining 49.56 points or 0.25 percentage points. Nifty trades at 5979.10 declining by 12.20 points or 0.20 percentage points.