Markets Trade in Green

The Global Markets trade in a positive territory this morning. U.S. stocks fell, ending the longest weekly winning streak for the Standard & Poor’s 500 Index since 2007, after Goldman Sachs Group Inc. and Citigroup Inc. failed to beat analysts’ earnings estimates and housing starts slid more than forecast. European stocks posted their first weekly decline this year amid speculation the Chinese government will lift interest rates and as Goldman Sachs Group Inc. posted Earnings that failed to exceed analysts’ Estimates. This morning Asian stocks rose for the first time in three days, led by Japanese carmakers after Nomura Holdings Inc. boosted its investment rating on Honda Motor Co. In commodities, Crude oil rose, reversing some of last weeks 2.7 percent decline, as the improving economic outlook in the U.S. and Europe fanned speculation fuel demand may increase. Spot gold rebounded from the longest losing weekly streak since July as the price retreat prompted some investors to increase purchases. After a year when U.S. President Barack Obama signed a law curbing risk-taking on Wall Street and pay at banks fell, metals traders are reaping bonus bonanzas. Markets opened marginally higher led by gains in heavyweight State Bank of India, however Reliance Industries weighed. The Sensex was up 111 points, at 19,118 and the Nifty surged 37 points, at 5733.  Reliance and State Bank of India influenced the direction of market in opening trades. Reliance Industries dipped 0.2 per cent after third quarter profit lagged market estimates. On the other hand heavy weight State Bank of India pulled the Sensex higher after net profit surged 14 per cent beating analyst forecast led by strong growth in net interest income. It is expected that markets will remain volatile on back of derivatives expiry, corporate earnings and credit policy review tomorrow.