Markets Trade Flat in Red

The Global Markets trade in a mixed territory this morning. U.S. stocks rose, erasing an earlier decline, as retailers gained after sales exceeded projections and jobless claims decreased by more than forecast. Most European stocks dropped as gunfire was heard on the streets of Cairo for a second night and crowds of men loyal to President Hosni Mubarak resumed clashes with protesters who want him to step down immediately. This morning Asian stocks rose, driving the MSCI Asia Pacific Index to a two-week high, as earnings improved and Nippon Steel Corp. led gains by steel makers after announcing a takeover. In commodities, Oil rose in New York, heading for a second weekly gain, as economic data bolstered optimism fuel demand will increase in the U.S., the worlds biggest crude- consuming nation. Gold dropped from a two-week high, trimming the first weekly advance this year, as an economic recovery eroded the appeal of the precious metal as an alternative investment. Silver also fell. Copper may fall on the absence of demand from China, where markets are closed for a week long holiday, and on concern about substitution spurred by the metals rally to $10,000 a metric ton, a survey showed. After a one day relief yesterday, the Sensex has again opened in the red, trading flat down by 4 points at 18,446 and the Nifty trades at 5,533, gaining 6 points. In the broader markets, the midcaps and the small caps have opened up 0.1% each outperforming the Sensex which is down 0.1% in the opening trades. On the BSE sectoral charts, Consumer Durables, FMCG have opened in the positive gaining 0.5% and 0.2% respectively. Metal and Oil & Gas are trading flat and all the other indices are in the red.