Markets Trade in Red on Negative Global Cues

The Global Markets gives out mixed clues this morning. U.S. stocks fell, ending a three-day gain in the Standard & Poor’s 500 Index, amid speculation an Irish bailout will fail to stem Europe’s debt crisis and as federal agents raided hedge funds to probe insider trading. European stocks retreated as Irelands request for a bailout failed to convince investors that the regions sovereign-debt crisis can be contained. This morning Asian stocks fell amid speculation a European Union bailout of the Irish government will fail to stem the region’s sovereign-debt crisis. In commodities, Oil traded near $82 a barrel in New York after climbing earlier today as analyst estimates showed crude inventories dropped for a third week in the U.S., the world’s biggest consumer of the commodity. Gold rose to a one-week high on speculation that Europe’s sovereign-debt crisis may spread, boosting the appeal of the precious metal as a haven. Silver gained for the fourth straight session. Copper fell for the first time in four sessions as imports by China, the world’s largest consumer, slid to a one-year low. Indian markets have opened in the red this morning owing to global cues. The main draggers are the Realty, Banking and Consumer Durables indices trading lower by more than one percentage points. Market breadth is negative with 822 advances against 1,499 declines. The Sensex trades in red at 19,779.42 declining 178.17 points or 0.89 percentage points. Nifty trades at 5957.75 declining by 52.25 points or 0.87 percentage points.