Markets Trade in Red

The Global Markets opened flattish this morning. U.S. stocks fell, snapping a three-day rally in the Standard & Poors 500 Index, after Federal Reserve Chairman Ben S. Bernanke said the worlds largest economy may need more stimulus. European stocks rose, led by basic-resources and chemical shares, as Federal Reserve Chairman Ben S. Bernanke said the U.S. central bank may expand its bond-purchase program beyond the $600 billion announced last month. This morning Asian stocks fell, dragging down a benchmark index for the first time in five days, as Japanese carmakers and electronics companies dropped on concern a weaker dollar will cut export earnings. In commodities, Oil declined from a 26-month high in New York as traders sold contracts to secure profits after crude surged 6.5 percent last week. Gold declined in Asian trading as investors sold the metal for profit booking after prices advanced to a record. Silver dropped from a 30-year high. Copper, little changed, may decline for the first time in six days as some investors sold the metal to lock in gains following its climb to a three-week high, amid renewed concerns about global economic growth. After starting on a flat note, the Sensex has slipped into the negative to register an intra-day low of 19,884. The indices that took the market into red are the Banking and Realty indices. Market breadth is negative with 799 advances against 1,754 declines. The Sensex trades in red at 19,915.49 declining 65.82 points or 0.33 percentage points. Nifty trades at 5969.20 declining by 23.05 points or 0.38 percentage points.