Markets Trade in Red

The Global Markets trade in a positive territory this morning. U.S. stocks rose, sending benchmark indexes to the highest since August 2008, as Wells Fargo & Co. raised its rating for large banks on prospects for higher dividends and amid speculation Europe will step up measures to control its crisis. European stocks advanced for a second day, extending a 28-month high, as investors speculated that the European Union will increase its efforts to contain the regions debt crisis. This morning Asian stocks advanced, sending the regional benchmark index to a two-and-a-half year intraday high, as raw materials producers gained on speculation demand for commodities will rise as the global economic recovery continues. In commodities, Oil rose for a fourth day after U.S. crude inventories declined more than analysts forecast and equities gained amid signals European officials are stepping up efforts to solve the debt crisis. Gold, trading little changed near a one-week high, may decline after a government bond sale in Portugal eased concerns that the European debt crisis may widen, reducing demand for a haven investment. Palladium for immediate delivery gained to the highest level since March 2001. Copper declined for the first time in three days in London, as expectations of slower growth in China, the largest consumer, damped the demand outlook. Zinc, lead and nickel fell. The markets are consolidating in the negative territory on the back of heavy losses in the IT sector. The Sensex has touched a low of 19,352, and is now down 125 points at 19,409. The NSE Nifty has shed 40 points at 5822. Infosys has slumped 4 per cent  to Rs 3,241 on the back of lower-than-expected growth in the Q3FY11.