Markets Trade on a Lacklustre Note

The Global Markets gives out positive clues this morning. U.S. stocks advanced, giving the Dow Jones Industrial Average its biggest two day rally since July, as purchases of existing homes unexpectedly jumped, retail sales topped analysts’ estimates and Goldman Sachs Group Inc. recommended buying financial shares. European stocks rose, sending the Stoxx Europe 600 Index to its biggest two day rally since July, as the European Central Bank extended an emergency loan program and housing data bolstered confidence in the U.S. economy. This morning Asian stocks rose for a third day as U.S. housing data and an extended emergency loan program from the European Central Bank bolstered confidence in a global economic recovery. In commodities, Oil dropped from a two-year high in New York after Chinas stock-index futures fell amid speculation the government may tighten monetary policy further in the worlds biggest energy user. Gold rose for a fourth straight day after the dollar weakened, boosting the appeal of the precious metal and commodities as alternative investments. Copper, trading little changed in Asia, may pare its first weekly advance in four weeks as some investors sold the metal to lock in gains following its climb to a three-week high. Indian Markets continue to remain muted in the morning session on back of selling pressure in broader market and realty stocks. Some support is provided by indices like IT and Teck that trades in green gaining more than one percentage points. Market breadth is negative with 1,019 advances against 1,581 declines. The Sensex trades in green at 20,032.93 gaining 40.23 points or 0.20 percentage points. Nifty trades at 5999.60 declining by 14.90 points or 0.25 percentage points.