Markets Trade in Red

The Global Markets opened mixed this morning. U.S. stocks gained, sending the Standard & Poor’s 500 Index higher for a fifth day, as government data showed the economy grew last quarter at a faster pace than previously estimated. European stocks advanced for a third day, extending a 27-month high, as U.S. economic growth was revised higher and merger activity boosted companies from Hermes International SCA to Aker Solutions ASA. This morning Asian stocks advanced for third day after a government report showed the U.S. economy expanded faster than previously estimated, fueling confidence in a global economic recovery. In commodities, Crude oil rose for a fifth day after government reports showed that U.S. supplies dropped and the country’s economy grew more than previously estimated in the third quarter. Gold, little changed in Asian trade, may advance on concern that the European debt crisis is set to linger, boosting demand for a haven to protect investors’ wealth. Copper declined for a second day in London as the metals rally to a record deterred purchases in China, the largest user. Shanghai futures pared early gains. The Indian markets after opening on a positive note drifted into red as the day progressed. The main draggers are the Auto and Metal indices trading in red. Market breadth is positive with 1,220 advances against 873 declines. The Sensex trades in red at 20,007.07 declining 8.73 points or 0.04 percentage points. Nifty trades at 5986.65 gaining by 2.25 points or 0.04 percentage points.