Markets Continue with its Upmove

The Global Markets opened mixed this morning. U.S. stocks declined as the Standard & Poor’s 500 Index’s highest valuation since June overshadowed reports showing a drop in jobless claims, the fastest business expansion in two decades and a gain in pending home sales. European stocks dropped the most in a month amid speculation this year’s rally has pushed valuations on equities beyond the outlook for corporate and economic growth. This morning Asian stocks rose, with the MSCI AC Asia Pacific excluding Japan Index on course for the seventh annual increase in eight years, after improved U.S. data boosted confidence in the global economic recovery. In commodities, Oil fell for a third day after a U.S. government report showed a smaller-than forecast drop in crude inventories in the world’s biggest consuming nation. Gold advanced, poised for a 10th annual gain, as investors sought to protect their wealth against accelerating consumer prices and declining currencies. Copper jumped to a record in New York on optimism the global economic recovery is gaining momentum and as investors sought commodities as alternatives to declining currencies. The markets moved ahead on a positive note; the Sensex was up108 points at 20,497, while the Nifty was at 6,132 up 30 points. Top gainers on the Sensex were JP Associates at Rs 106, Reliance Communications at Rs 142 both up 3 per cent and DLF at Rs 292 up 2 per cent. Top losers were IT giant Infosys at Rs 3,415 and Hero Honda at Rs 1,982, both down1 per cent, and Sterlite Industries at Rs 188 down 0.5 per cent.