Markets Trade in Green on Positive Asian Cues

The Global Markets gives out mixed clues this morning. U.S. stocks avoided a second straight weekly drop as higher-than-expected corporate profits and Caterpillar Inc.s acquisition of Bucyrus International Inc. outweighed concern over Chinas decision to cool inflation. European stocks declined for a second week amid concern economic growth may be held back by the resurgent sovereign-debt crisis and measures by China to tame inflation. This morning Asian stocks rose, sending the MSCI Asia Pacific Index to a one-week high, as the euro strengthened against the yen after Ireland applied for a bailout to help fund itself and save its banks. In commodities, Oil rose, rebounding from its biggest weekly loss in three months, amid optimism that an agreement to rescue Ireland’s banks may reduce European sovereign-debt concerns. Gold advanced after a second straight weekly loss, as the dollar declined against the euro on optimism an agreement to rescue Ireland’s banks may curb a spread of the debt crisis. Silver climbed to the highest level in more than a week. Copper in London gained as much as 0.8 percent to $8,469.75 a metric ton today. Aluminium for delivery in three months climbed 1 percent to $2,283 on the London Metal Exchange and zinc increased 1.1 percent to $2,184. The Indian markets this morning opened on a positive note this morning. The main gainers this morning are the IT, Teck and Consumer Durables indices trading in green gaining more than one percentage points. Market breadth is positive with 1,520 advances against 1,017 declines. The Sensex trades in green at 19,678.47 gaining 93.03 points or 0.47 percentage points. Nifty trades at 5926.50 gaining by 36.20 points or 0.61 percentage points.