Markets Trade on a Lacklustre Note

The Global Markets opened mixed this morning. U.S. stocks erased gains in the final hour of trading as the Senate started to vote on President Barack Obama’s tax-cut agreement with Republicans and investors turned their attention to the Federal Reserve meeting tomorrow. European stocks climbed for a sixth day, extending a two-year high, after China refrained from raising interest rates even as inflation surged. This morning Asian stocks rose, lifting the regional benchmark index to a five-week high, as increased commodity prices boosted raw material shares. Japanese exporters fell after the yen strengthened against the dollar. In commodities, Oil traded near the highest close in four days before a report that may show U.S. crude supplies fell to the lowest in five months. Gold advanced in Asian trade for a second day as demand was sustained for the metal as a protector of wealth. Copper dropped for the first time in three days as some investors sold the metal to lock in gains following its climb to an all-time high. The Indian markets trade sideways this morning on a lacklustre note. Consumer Durables and Oil & Gas indices were the main gainers this morning providing some support to the market. Market breadth is positive with 1,663 advances against 792 declines. The Sensex trades in green at 19,723.50 gaining 31.72 points or 0.16 percentage points. Nifty trades at 5914.80 gaining by 7.15 points or 0.12 percentage points.