Markets Trade in a Narrow Range

The Global Markets trade in a positive territory this morning. US stocks rose yesterday despite weaker than expected earnings release from Citigroup as NY Fed Empire State data showed some indications of manufacturing recovery. The better than expected TICs capital flows report fed into a rally in US equities bolstering risk appetite. European stocks rose to a two-year high as euro-area finance ministers pledged to strengthen the safety net for the region’s indebted countries. This morning Asian stocks rose, driving a regional benchmark index higher for a second straight day, as U.S. earnings beat analyst estimates and amid speculation China’s steps to slow inflation won’t curb its economic expansion. In commodities, Oil traded near a one-week low in New York after the International Energy Agency said supplies are ample, particularly in the U.S., the world’s biggest crude consuming nation. Gold gained for a third day as concern over the pace of the U.S. recovery cut the value of the dollar, boosting the metals appeal as an alternative investment. Platinum jumped to the highest price since 2008. Copper in London, trading little changed, may decline after rising to near a record yesterday as higher prices deterred purchases in China, the world’s biggest consumer. Zinc and lead gained. The markets are trading in a narrow band so far, the Sensex is now up 40 points at 19,132. The BSE benchmark index has moved in a range of 119 points - a high of 19,167 and a low of 19,048. The NSE Nifty is up 10 points 5734. The market breadth is fairly positive - out of 2,508 stocks traded so far, 1,653 have advanced and 766 have declined on the BSE.