Markets Trade on a Strong Note

The Global Markets gives out mixed clues this morning. U.S. stocks slipped, halting the longest streak of weekly gains since April, as lingering concern that Europe’s government debt crisis may threaten the economic recovery trimmed the market’s biggest September rally in 71 years. European stocks posted the biggest weekly drop in three months, with banks leading declines amid concern the region’s economy is slowing as the sovereign debt crisis curbs growth. This morning Asian stocks rose, driving the MSCI Asia Pacific Index to its highest level in more than five months, on speculation growth in China’s economy will bolster corporate earnings in the region. In commodities, Oil traded near an eight-week high after economic data from the U.S. and China bolstered optimism that demand is growing in the world’s two largest energy consuming countries. Gold, little changed, may decline after reaching a record on five consecutive days last week on investor demand for an alternative to the weakening dollar. Copper climbed for a second day, trading near a 26-month high, on speculation supply may lag behind demand as the consumption outlook improves in China, the worlds largest user. The Indian markets opened on a strong note this morning. All the sectoral indices trade in green this morning. The main gainers are the Auto, Banking and Consumer Durables indices trading in green gaining more than one percentage points this morning. Market breadth is positive with 1,750 advances against 1,013 declines. The Sensex trades in green at 20,598.85 declining 153.81 points or 0.75 percentage points. Nifty trades at 6195.60 gaining by 52.20 points or 0.85 percentage points.