Markets Trade in Red

The Global Markets gives out negative clues this morning. U.S. stocks tumbled, dragging benchmark indexes to their biggest drop since August, amid concern banks will be forced to buy back soured mortgages and after Apple Inc. forecast profit that missed analyst estimates. European stocks fell the most in two weeks, led by basic-resources and technology shares, after China raised its benchmark interest rate and Apple Inc.’s earnings forecast missed analyst estimates. This morning Asian stocks dropped for fourth day after China, the worlds fastest-growing major economy, unexpectedly raised its lending and deposit rates. In commodities, Crude oil rose, recouping part of the biggest loss in eight months, as Chinas interest rate increase added to signs of economic growth and analysts forecast a decline in U.S. fuel stockpiles. Gold advanced, after tumbling by the most in three months yesterday as China cut interest rates and the dollar rallied, amid speculation demand will rise for the precious metal as an alternative investment. Copper, little changed, may decline as Chinas decision to raise borrowing costs for the first time since 2007 offset a weakening dollar. Zinc, lead and nickel fell. The Indian Markets trade on a lacklustre note this morning. Metal, Banking and Realty indices are witnessing some selling pressure this morning. IT, Oil & Gas and Healthcare indices provide some support to the market as they trade flat in green this morning. Market breadth is positive with 1,376 advances against 1,176 declines. The Sensex trades in red at 19,946.52 declining 36.61 points or 0.18 percentage points. Nifty trades at 6004.10 declining by 23.20 points or 0.35 percentage points.