Markets Trade on a Negative Note

The Global Markets trade in a mixed territory this morning. U.S. stocks rose, rebounding from yesterdays tumble, as signs of a strengthening job market bolstered optimism the economy can withstand a surge in oil. European stocks dropped for a second day amid concern that rising energy costs following revolts in the Middle East and North Africa will hurt the global economy. Stocks lifted in Asia in early trading Thursday, after upbeat jobs figures in the U.S. buoyed shares on Wall Street overnight. In commodities, Oil climbed for a third day as a U.S. government report showed crude stockpiles unexpectedly dropped last week while fighting in Libya renewed concern that supply disruptions may spread to the Middle East. Gold traded near a record as concern that turbulence in the Middle East will fuel inflation and hamper the global recovery bolstered demand for the metal as a store of value. Copper dropped in London on concern that rising energy costs will hinder global economic growth and weigh on metals demand. Indian markets have slipped further into red on weakness in select sectors. The Sensex opened in the red this morning following Tuesday's spectacular post-Budget rally. The index dropped to a low of 18,253. The Sensex was down 164 points at 18,281. Nifty was down 46 points at 5,476. The mid and small-cap indices outperformed. The indices were down 0.3% each at 6,553 and 7,977, respectively. BSE IT index dropped 2% to 6,139 as government did not extend tax exemption for software technology parks under Section 10 A/10 B which is due to expire in March 2011.