Markets Trade Steady in Early Trades

The Global Markets opened positive this morning. U.S. stocks rose, with the Standard & Poor’s 500 Index extending its biggest December rally since 1991, led by energy companies as crude oil remained above $90 for a fifth straight day. European stocks climbed, with the benchmark Stoxx Europe 600 Index trading close to the highest level since September 2008, on speculation that economic growth is gathering pace. This morning Asian stocks fluctuated as the dollar weakened to a seven-week low against the yen, damping the outlook for Japanese export earnings. Commodity companies rose. In commodities, Oil traded near $91 a barrel in New York amid concern that the pace of recovery in U.S. fuel demand may falter and after an industry-funded report showed crude supplies increased for the first time in five weeks. Gold rose for the third straight day in New York as European-debt concerns mounted and the dollar dropped, spurring demand for a haven. Copper, trading little changed in London, may decline as investors sold the metal to lock in gains after it jumped to a record yesterday. Aluminum, zinc and lead dropped. The Indian markets trade on a steady note this morning. The main gainers this morning are the Consumer Durables, FMCG and PSU indices. The markets continued to gain, with the Sensex at 20,341 up 85 points, while the Nifty moved up 22 points at 6,082.