Markets Trade Flat in Red

The Global Markets trade in a mixed territory this morning. U.S. stock futures declined, signaling the Standard & Poor’s 500 Index may retreat from its highest level since June 2008, after the Libyan government attacked protesters and rebels claimed control of the second- biggest city, Benghazi. European stocks declined as investors speculated that the unrest in Libya will cause energy prices to climb, fueling inflation and curbing economic growth. This morning Asian stocks fell, with the regional benchmark index dropping for a second day, as concern mounted that instability in the Middle East and North Africa may derail a global recovery. In commodities, Oil jumped to the highest in more than two years as violence escalated in Libya, stoking concern crude supplies will be disrupted as turmoil spreads through the Middle East and North Africa. Gold advanced for a seventh day, the longest winning streak since June, as violence in Libya intensified, prompting investors to seek precious metals as a haven. Silver advanced to a 31-year peak. Copper may rebound in London on optimism that consumption in China, the world’s largest user, will gather pace as the peak-demand season gets under way. The metal dropped in Shanghai and New York. After opening on a soft note, the Sensex has moved downwards with the BSE index trading flat declining 16 points to trade at 18,422 and the Nifty lost 8 points at 5,509. In the broader markets, the midcap index down 0.5% and the small cap index losing 0.3% outperform the Sensex which is down 0.6% Among the BSE sectoral indices, there is not much change since the opening trades. Oil & gas has pared some of its initial gains but continues to be the only sector in the green, gaining nearly 2%. On the other hand, Auto, Bankex, Capital Goods and PSU down 1% each are the top losers.