Markets Trade in a Narrow Range

The Global Markets trade in a mixed territory this morning. U.S. stock futures signaled losses for benchmark indexes after Apple Inc. Chief Executive Officer Steve Job’s leave of absence spurred concern over the prospects for the world’s second-largest company. Most European stocks declined as the regions finance chiefs began meeting to work on a new strategy to contain the sovereign-debt crisis. This morning Asian stocks rose, led by technology companies on speculation that dynamic random access memory chip prices will increase. Steelmakers fell on concern their earnings will disappoint. In commodities, Oil declined in New York after the operators of a pipeline from Alaska restored flows to the U.S., the world’s biggest crude-consuming nation. Gold may gain as concerns that the European sovereign-debt crisis may linger boost demand for precious metals as a protector of wealth, and as a price drop in the past two weeks spurs physical buying. Platinum gained. Copper in London declined for a second day on concern that demand growth may slow as China, the world’s largest user, takes more steps to cool its economy and Europe’s debt crisis persists. Zinc and lead also dropped. The Indian markets trade on a positive note this morning. After a strong opening, the Sensex continues to move in a narrow range of 100 points. The Nifty is currently up 29 points at 5,683 and the Sensex gained 90 points at 18,972. In the broader markets, the small cap is up 0.9% in line with the Sensex and the midcap index has added 0.7%. Among the sectoral indices, IT, Metal and Bankex up 1% each continues to lead the chart followed by Consumer Durables and FMCG. Power, Oil & Gas and Realty gaining 0.4% each are the laggards in the morning trades.