Markets Trade Marginally in Red

The Global Markets opened mixed this morning. U.S. stocks rose, sending the Standard & Poor’s 500 Index to a two-year high, as a potential extension of tax cuts boosted shares and American International Group Inc. said it will repay its Federal Reserve credit line. European stocks climbed for a third day, extending a two-year high, as insurance companies rallied and takeover speculation boosted companies from Smith & Nephew Plc to Burberry Group Plc and Fiat SpA. This morning Asian stocks gained, driving the benchmark index to its sixth advance in seven days, as economic reports from Australia and Japan bolstered confidence in an economic recovery. In commodities, Oil rose for the first time in three days after a government report showed U.S. crude supplies declined almost three times more than forecast in the world’s biggest consumer of the fuel. Gold climbed in Asian trading as a retreat from a record boosted investor demand for the precious metal. Palladium and silver also climbed. Copper futures closed at a record in New York on speculation that demand will outpace production as a global recovery sparks construction of new homes and appliances. The Indian markets trade sideways this morning. The main dragger this morning is the Consumer Durables indices trading in red declining more than two percentage points followed by the Metal and Realty indices which trades in red declining more one and half percentage points. Market breadth is negative with 639 advances against 1,823 declines. The Sensex trades in red at 19,662.69 declining 33.79 points or 0.17 percentage points. Nifty trades at 5890.15 declining by 13.55 points or 0.23 percentage points.